The Congress

New York City

Multifamily Refinance

The Congress

MULTIFAMILY REFINANCE

ACRES Capital has funded a $42.5 million loan to refinance The Congress 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.

This Property consists of:

• 74-unit, Class B, mixed-use (mid/high-rise multifamily and commercial) building
• 2 professional office units
• 5 retail units

$43 Million

Loan Amount

Refinance

Loan Product

“The Congress exemplifies our ability to deliver tailored bridge capital that helps sponsors complete business plans and unlock value. With strong retail tenancy, a compelling location and a clear path to stabilization, this is the type of middle-market opportunity where ACRES excels.””

- Mark Fogel

ACRES Chief Executive Officer and President

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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.