ACRES Funds $68.5 Million for Class A Industrial Project in Deer Park, NY
JANUARY 21, 2025Loan to fund a single-story, Class-A industrial property.
DEER PARK, NY (DECEMBER 15, 2024) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading nationwide middle-market lender specializing in commercial real estate, has funded a $68.5 million loan for the development of 377 Carlls Path a single-story, Class-A industrial property situated in Deer Park, NY. The sponsorship is comprised of a joint venture partnership between Thor Equities Group and Reinsurance Group of America (RGA).
Mark Fogel, Chief Executive Office and President of ACRES, stated, “ACRES is delighted to invest with Thor on this tremendous new project. The Long Island industrial market is sorely lacking well-located, modern buildings that are necessary to support the local economy. Thor has worked tirelessly to bring this plan to fruition, and we look forward to their successful outcome.”.
The Deer Park project will feature a single-story industrial building with a net rentable area of 310,500 square feet. This new facility will be equipped with modern specifications and tailored tenant buildouts. Key features include 61 dock high doors to facilitate efficient loading and unloading operations; a generous 36-foot clear height, allowing for ample vertical space within the facility; 112 loading stalls, which include 51 designated spaces for trailer storage, ensuring smooth logistics operations and; a total of 369 auto parking stalls, with 140 of these designated as land banked stalls, providing flexibility for future expansion or additional uses. floor retail space, and on-site parking for 137 vehicles. The Property is located within the Hamlet of Deer Park, which boasts a vibrant industrial market and a tight market demand.
