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:
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.