ACRES originates a $59.6 million loan to complete The Residences at Glen Harbor Condo Property in Glenwood Landing, New York. This is in joint collaboration with the property’s developers and financers, Racanelli Construction & Development and Ben Heitner. The loan carries a term of 30 months and is sponsored by locally based, experienced developers Martin Racanelli, Nicholas Racanelli, Richard Racanelli, and frequent Racanelli partner Ben Heitner.
With the local expertise and deep development acumen on the project, this new luxury condominium will help meet the recent demand for high-end residential condos on the North Shore of Long Island. The property will include:
Set to open in Fall 2020, The Residences at Glen Harbor is a luxury waterfront property that overlooks Hempstead Bay. It is a short two miles from the Greenvale Long Island Railroad (LIRR) station and the town center of Roslyn. Residents of this property will be able to easily enjoy local shopping and dining. Additionally, residents will have an upscale lifestyle with refined amenities and an extensive collection of amenities.
Racanelli will serve as the general contractor for the Glen Harbor project.
Exantas Capital Corp.is externally managed by ACRES Capital, LLC. The Company’s primary investment strategies include transitional commercial real estate loans and longer duration commercial real estate credit investments, such as commercial mortgage-backed securities. To see more on EXANTAS, click below.