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ACRES Provides Loan on Yonkers Multifamily Project
ACRES Capital Corp. has originated a $31.5-million loan to fund construction and stabilization of 56 Prospect St., a nearly 79,000-square-foot multifamily property located in Yonkers, NY in Westchester County. The loan is provided to Melville, NY-based sponsor Regency Apartment Ventures, LLC, and carries an initial term of 30 months.
“Yonkers contains an incredibly diverse population and a large number of young professionals seeking more affordable alternatives to New York City’s boroughs,” said ACRES CEO and president Mark Fogel. “We have an optimistic outlook on residential and commercial growth in the area, and believe 56 Prospect will become an attractive option for residents looking for quality housing.”
Once complete, 56 Prospect will be seven stories tall, consist of 126 units and 130 parking spaces. Amenities will include a courtyard; roof deck; full, modern appliance package; high-end finishes; and private balconies for select units. Completion is targeted for July 2023.
- ◦Financing
