Land - Predevelopment
ACRES Capital (“ACRES”) is pleased to announce the funding of an acquisition and predevelopment project secured by three contiguous vacant parcels totaling a combined 1.02 acres in Brooklyn, NY. The Sponsor, The Collective, plans to develop a mixed-use property comprised of 100-plus co-living units, a restaurant, a variety of publicly accessible, communal amenity spaces and parking.
Mark Fogel, President & CEO of ACRES commented, “ACRES is excited to participate in this project as The Collective is one of the world’s fastest growing and experienced co-living brands, having operated in this space since 2010, and now with an international presence in the U.K., U.S. and Germany. This project is extremely well located in the Bedford-Stuyvesant neighborhood of Brooklyn, NY. The site is exceptionally conducive to commercial and residential development with depth and frontage on both Halsey and Fulton Streets. ACRES is eager to work with this Sponsor and their integrated team in developing properties that not only provide a thoughtful product, but which foster local culture, community and human connection.”