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ACRES Furnishes Construction Debt for LIC Mixed-Use
ACRES Capital Corp. originated a $35-million loan to complete the construction of 23-20 Jackson Ave., a nine-story, 82,000-square-foot mixed-use property in Long Island City. With a term of 24 months, the loan is sponsored by veteran local real estate developer the VOREA Group.
“This loan was particularly alluring for ACRES due to the project’s location in the highly sought-after Court Square market of Long Island City, which has seen a significant amount of investment over the last decade,” said ACRES CEO Mark Fogel.
23-20 Jackson will feature three different components: retail across the ground floor and basement; two floors of office space; and six floors of hospitality space. The hospitality space, which will feature 72 units, has been leased to hospitality firm Sonder, while Compass has leased just over 11,000 square feet of office space on the property’s second and third floors.
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