ACRES Funds $37.5 Million for Multifamily Property in Patchogue, NY
JANUARY 07, 2025Loan to fund a 3-story, Class-A, 91-unit, multifamily property.
PATCHOGUE, NY (DECEMBER 15, 2024) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading nationwide middle-market lender specializing in commercial real estate, has acquired the $37.5 million loan for the refinancing of Greybarn, a premier three-story, Class-A multifamily building situated in Patchogue, NY. The financing was secured for Gregg and Mitchell Rechler of R Squared LLC (the “Sponsor”) and was facilitated by George Stergiopoulos of Kenilworth Capital Advisors, LLC (the “Broker”).
Mark Fogel, Chief Executive Office and President of ACRES, stated, “ACRES is pleased to work with R Squared on this first-class property in an area that is well-poised for tremendous growth. We are always seeking opportunities to invest with our Long Island neighbors. Mitch and Gregg Rechler have been leaders in New York real estate for decades, and we are thankful to be part of their latest project.”.
The Greybarn project will feature a three-story multifamily building with 91 residential units, 1,800 square feet of ground-floor retail space, and on-site parking for 137 vehicles. The property benefits from a prime location, just 0.4 miles (a 10-minute walk) from the vibrant Patchogue Village. The area is known for its diverse array of restaurants, bars, breweries, entertainment venues, and lifestyle retail. Additionally, the property is conveniently located less than a mile from the Long Island Rail Road station and one mile from the highway, ensuring easy access via multiple transit options.
