High-rise commercial buildings

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Long Island  + Finance  | 

ACRES Provides $60M on LI North Shore Condo Build

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.

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With ACRESConnect With Racanelli

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
New call-to-action
New call-to-action