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.
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. 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 15-20 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).