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: