Multifamily - Development
ACRES Capital (“ACRES”) is pleased to announce the funding of a loan which will be used to construct a 24-unit multifamily luxury rental property in Harrison, NY. Located in Downtown Harrison, within walking distance of a Metro North train station, the Property will be comprised of 15 townhouses with an average size of 2,300 square feet and 9 penthouses featuring private roof decks and fireplaces that will range in size from 1,500 – 2,000 square feet with spacious 2-bedroom and 3-bedroom floor plans. Property amenities will include a landscaped rooftop lounge, private rooftop cabanas for outdoor dining, forty covered parking spaces, and direct access to ground floor retail. The residences will feature open, oversized kitchens with top-of-the-line appliances and luxury condo quality finishes. In 2018, Bloomberg ranked Harrison as the fifth wealthiest suburb in the United States.
Mark Fogel, President & CEO of ACRES commented, “This development will provide the comforts of suburban living in a downtown setting with easy access to Manhattan. Future residents will enjoy a first-rate living environment but without the burdensome taxes associated with home ownership in Westchester County – the highest taxed county in the nation.”