Land - Predevelopment
JERICHO, NY – ACRES Capital, LLC (“ACRES”) announces the funding of a bridge loan on 2 non-contiguous lots totaling 32,250± SF in Cambridge, MA.
The loan proceeds facilitated the acquisition of two lots needed to complete the assemblage of a proposed planned mixed use unit development (PUD).The PUD consists of an assemblage of various contiguous lots to be developed into four mixed use parcels, consisting of street-level retail, office and residential with underground parking. The sponsor has received unanimous approval from the planning board and is currently awaiting written approval. The final written PUD approval should be in hand by December 2015, with construction to begin shortly thereafter.
“This financing opportunity enabled the sponsor to complete the assemblage for the proposed PUD, which had been well-received by the planning board and the community. The project is well-located in the East Cambridge neighborhood, next to the Galleria and nearby Kendall Square, MIT and Harvard; the neighborhood has grown into one of the city’s most desirable residential, office and pharmaceutical lab locales. In addition, ACRES demonstrated its ability to move expeditiously to accommodate the sponsor’s pending 1031 exchange deadline with a 19 day close on a complicated transaction,” according to Mark Fogel, President and Chief Executive Officer of ACRES.