ACRES Capital Corp. originated a $59.6-million loan to complete the construction of Racanelli Construction & Development’s Residences at Glen Harbor, a 48-unit, 165,000-square-foot residential condominium property in Glenwood Landing, NY. The loan carries a term of 30 months and is sponsored by Racanelli and frequent partner Ben Heitner.
“ACRES saw this loan as an appealing opportunity, given the recent demand for similar, high-end residential condos on the North Shore of Long Island,” said ACRES CEO Mark Fogel. “Luxury condominiums on Long Island have been ideal targets for empty-nesters looking to downsize, and the limited near-term supply in Glenwood Landing combined with the sponsors’ local expertise and deep development acumen make this a quality product offering.”
Set to open in fall 2020, the Residences at Glen Harbor overlooks Hempstead Bay, two miles from the Greenvale Long Island Rail Road station and the town center of Roslyn.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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