Multifamily - Acquisition/Lease-Up
JERICHO, NY – ACRES Capital LLC (“ACRES”) is pleased to announce the funding of a bridge loan on adjacent four-story properties, currently improved with 14 multifamily units and two retail spaces on the first floor. The Seller began ground-up construction of the Property in 2006 and delivered it to the borrower substantially complete and in “turn-key” fashion at loan closing and vacant for timely lease up at market rates. The property, located in the Corona section of Queens, NY and in close proximity to Citi Field Stadium and La Guardia Airport, will offer residents exceptional location and access by car and mass transit. The apartment units are appointed with high-end finishes and offer studios, one- and two-bedroom apartments, and three-bedroom penthouse units. Loan proceeds were used for acquisition and to fund reserves to carry the property during the sponsor’s lease up period.
“We saw a good opportunity to finance a solid piece of real estate in the New York Metropolitan area in a market that well supports the property’s performance and viability,” according to Mark Fogel, President and Chief Executive Officer of ACRES.