Multifamily - Acquisition/ Development
ACRES Capital, LLC (“ACRES”) is pleased to announce the funding of a loan for the acquisition and completion of a five-story, 39-unit multifamily luxury condominium in Guttenberg, New Jersey. The property will be marketed to young working professionals seeking an affordable alternative to local rentals. Amenities include a 39-space parking garage and a rooftop indoor/outdoor community clubhouse with a theater. The property will be comprised of 34-one bedroom units and 5-penthouse duplexes.
President & CEO of ACRES Capital, Mark Fogel commented “We are thrilled to be part of a winning formula once again. This is ACRES second loan to the same developer within a vibrant New Jersey submarket. Located directly across the Hudson River from Manhattan, Guttenberg is following in the footsteps of Hoboken, Jersey City and Edgewater as an affordable, up-and-coming housing alternative to New York City.”
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $5 million to $50 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.