ACRES Provides $42.5 Million for Multifamily Property in New York, NY
SEPTEMBER 25, 2025Loan to fund the refinance of a 74-unit, mixed-use property
New York, NY (September 25th, 2025) – ACRES Capital Corp. (together with its affiliates, “ACRES”) announced today that it has funded a $42.5 million loan to refinance The Congress, a 74-unit, Class B, mixed-use (mid/high-rise multifamily and commercial) building, located in New York City (the “Property”). Proceeds will refinance existing debt and provide future funding to complete the sponsor’s multi-phase renovation and conversion plan, which includes upgrading existing residences and common areas and converting former professional office suites into additional residential units. Upon completion, The Congress will comprise 74 residential units, 2 professional office units and 5 retail units. The sponsor is an experienced investor with a track record of acquiring, repositioning, and operating commercial real estate assets across New York City.
“The Congress exemplifies our ability to deliver tailored bridge capital that helps sponsors complete business plans and unlock value,” said Mark Fogel, ACRES Chief Executive Officer and President. “With strong retail tenancy, a compelling location and a clear path to stabilization, this is the type of middle-market opportunity where ACRES excels.”
