ACRES Capital Originates $16M Loan to Construct Multifamily New York City Project
Multifamily ConstructionNOVEMBER 05, 2020
NEW YORK, N.Y. – (November 5, 2020) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, has originated a $16 million loan to fund the construction of 653-655 Mace Avenue (the “Property”), an approximately 57,000-square-foot multifamily building with community space and parking located in the desirable Allerton section of the Bronx, New York City. The loan is provided to sponsor Abraham Wieder, CEO of Supreme Equities, LLC, who has acquired, renovated and developed a wide range of multifamily properties throughout New York City, Pennsylvania, Tennessee, and Florida, and owns and manages a portfolio worth nearly $60 million.
“We are very excited to once again be investing in New York City with the Mace Avenue project,” said ACRES Chief Executive Officer and President Mark Fogel. “The Allerton section of the Bronx has seen extensive investment over the past several years, and we see it as a prime up-and-coming area for continued development as we emerge from the effects of the pandemic. The sponsor has deep experience in the Bronx submarket, which will ensure the Property’s business plan accommodates the needs of local residents.”
The seven-story, project will contain 53 multifamily units, approximately 15,000 square feet of community use space and 27 parking spaces. It is well-located on a residential street, providing easy access to public transportation via multiple subway lines as well as a nearby Metro North station, and is within proximity to Route 1, I-95 and the Bronx River Parkway. The Property is within walking distance of numerous dining, shopping and entertainment options, including the New York Botanical Garden and the Bronx Zoo. The New York City Health + Hospitals Jacobi Medical Center, Fordham University and the Albert Einstein College of Medicine are also a short distance away. The sponsor selected ACRES for the project due to its flexible financing solution and surety of execution.
The Allerton section of the Bronx, a traditionally working-class neighborhood, offers residents an efficient commute to both the east and west sides of Manhattan. Eighty Six percent of Allerton residents are within walking distance to at least one park, which is higher than the citywide average.
The loan was arranged by Abe Mann of Progress Capital.