Multifamily - Construction/Renovation
JERICHO, NY – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage loan on three contiguous waterfront lots located in North Sea Harbor in Southampton, NY.
The initial funding of the loan was used to acquire the property. Future loan proceeds will fund the hard and soft costs associated with the construction of three, 5,000+ square foot homes each situated on over 1-acre of land. The largest home will sit on 2.6 acres and will be comprised of 7,500 square feet in the form of a traditional Hamptons cedar shake country luxury residence.
“New waterfront estates in the Town of Southampton are difficult to construct due to significant barriers to entry and a lack of available land. Our borrowers, who are deeply experienced in building luxury homes in the Hamptons, invested significant time and energy to create this spectacular opportunity. ACRES worked closely with the borrowers to come up with a flexible loan structure to access the tremendous upside inherent in this property” according to Mark Fogel, President and Chief Executive Officer of ACRES Capital.