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The Residences at Glen Harbor

Glenwood Landing, NY

Condo - Acquisition

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Glenwood Landing, NY

The Residences at Glen Harbor

CONDO - ACQUISITION

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:

  • Two and Three Bedroom Homes
  • Underground Parking
  • Entertainment Areas
  • A Boardwalk

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.

$59.6 million

Loan Amount

30 Months

Loan Term

Construction Loan

Loan Product

“We chose ACRES for this financing based not only on its attractive loan terms, but for its proven experience in the distinctive Long Island market. The Residences at Glen Harbor combines the Island’s waterfront heritage, luxury living and accessibility to create a unique offering for the North Shore. We are thrilled to bring our construction and development expertise to a community of people we’ve long known and loved, and our relationship with the ACRES team has proven to add value to each facet of the process.”

- Martin Racanelli, Racanelli Construction & Development

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