635-655 Mace Ave

Bronx, NY

Multifamily - Construction

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Bronx, NY

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635-655 Mace Ave

MULTIFAMILY - CONSTRUCTION

ACRES Capital originated a $16 million loan to fund the construction of 653-655 Mace Avenue, an approximately 57,000-square-foot multifamily building with community space and parking located in the desirable Allerton section of the Bronx, N.Y. The loan is provided to sponsor Abraham Wieder, CEO of Supreme Equities, LLC, who has acquired, renovated and developed a wide range of multifamily properties.

The seven-story project will contain:

53 multifamily units
Approximately 15,000 square feet of community-use space
27 parking spaces

It is well-located on a residential street, providing easy access to public transportation via multiple subway lines as well as a nearby Metro North station. The property is within walking distance of numerous dining, shopping and entertainment options, including the New York Botanical Garden and the Bronx Zoo. The Allerton section of the Bronx, a traditionally working-class neighborhood, offers residents an efficient commute to both the east and west sides of Manhattan.

$16 Million

Loan Amount

Construction Loan

Loan Product

“We are very excited to once again be investing in New York City with the Mace Avenue project. The Allerton section of the Bronx has seen extensive investment over the past several years, and we see it as a prime up-and-coming area for continued development as we emerge from the effects of the pandemic. The sponsor has deep experience in the Bronx submarket, which will ensure the Property’s business plan accommodates the needs of local residents.”

- ACRES Chief Executive Officer and President Mark Fogel

News Links

Press Release | ACRES Capital Originates $16M Loan to Construct Multifamily New York City Project

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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.