ACRES Originates $34M Loan for The Rose at Great NeckMARCH 04, 2022
Loan to fund the construction of condominiums in Great Neck, NY
GREAT NECK, NY (March 4, 2022) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, has originated a $34 million loan to fund the construction of The Rose at Great Neck Condominiums (the “Property”) in Great Neck, NY.
The Property will consist of 40 for-sale luxury condominium units on three (3) stories with 80 garage parking spaces on 1.22 acres.
With proximity to transportation links to Manhattan via a Long Island Railroad station less than one mile away and a highly rated and sought-after school district, The Rose at Great Neck is well situated for both the primary demographic targets of families and young professionals, as well as those looking to downsize their living situations.
“ACRES is pleased to provide funding for The Rose at Great Neck located within the highly sought-after Northern Nassau County market,” said ACRES CEO and President, Mark Fogel. “The completed project will offer conveniently located, in-demand, luxury housing options for families, professionals and empty nesters, alike.”
The Rose at Great Neck will offer one (1) – 1 bedroom/1 bathroom unit, thirty-six (36) – 2 bedroom/2 bathroom units and three (3) – three-bedroom/two-bathroom units across 48,720 SF. The development will feature high-end finishes and appliances including washers and dryers, marble countertops, custom wood cabinetry and hardwood floors, with amenities including a full-time doorman/concierge, a fitness center, and a roof deck
The loan was provided to McKinley Homes US, LLC, a land developer and builder based in Peachtree Corners in Metro Atlanta GA and was arranged by Steven Buchwald of Mission Capital Advisors. Drew Miller of ACRES’ Uniondale, NY office originated the loan.