56 Prospect Street

Yonkers, NY

Multifamily - Construction

56 Prospect Street

MULTIFAMILY - CONSTRUCTION

ACRES Capital Corp. has originated a $31.5 million loan to fund the construction and stabilization of 56 Prospect Street, a nearly 79,000-square-foot multifamily property located in Yonkers, New York in Westchester County. The loan is provided to Melville, New York-based sponsor Regency Apartment Ventures, LLC, and carries an initial term of 30 months.

Westchester County, once considered mainly a suburban location primarily for New York City commuters, has evolved over the past several years to become a diverse employment center featuring Fortune 500 companies such as IBM and Morgan Stanley. Yonkers, the fourth-largest city in New York State and the biggest in Westchester County, is easily accessible via the Interstate highway and parkway systems as well as mass transit.

56 Prospect Street will feature:

126 Units
130 Parking spaces
Courtyard
Roof deck
Full, modern appliance package
High-end finishes
Private balconies for select units

$31.5 Million

Loan Amount

Construction Loan

Loan Product

“We are excited to partner once again with the ACRES team, who provided us with a creative financing solution to allow us to execute our business plan for the property. We look forward to leveraging our local market expertise to ensure 56 Prospect Street’s success, and to working with ACRES on additional projects in the future.”

- Ben Heitner

Managing Partner of Regency Apartment Ventures, LLC

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ACRES Capital, LLC (“ACRES”) is an SEC-registered investment adviser with an office in Uniondale, New York. ACRES and its representatives are in compliance with the current registration and notice filing requirements imposed upon SEC-registered investment advisers by those states in which ACRES maintains clients. SEC registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability.