ACRES launches $34 million loan for The Rose at Great Neck
BIG NECK, NY, March 7, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading mid-market commercial real estate lender, has launched a $34 million loan to finance the construction of Pink at Great Neck Condominiums (the “Property”) at Big Neck, NY
The property will include 40 luxury condominium units for sale over three floors. It will also include 80 garage parking spaces on the 1.22 acre site.
Close to transport links to manhattan via a nearby Long Island railroad station and a highly regarded and sought-after school district, The Pink at big neck is well-located for key target demographics of families and young professionals, as well as those looking to downsize.
“ACRES is pleased to provide funding for The Pink at big neck located in the highly sought after area Nassau County North market,” said the CEO and President of ACRES, Marc Fogel. “The completed project will provide conveniently located and sought-after luxury housing options for families, professionals and empty parents.”
the Pink at big neck will offer one unit – 1 bedroom / 1 bathroom; 36 2-bedroom/2-bathroom units and three 3-bedroom/2-bathroom units on 48,720 square feet. The development will feature high-end finishes and appliances, including washers and dryers, marble countertops, custom wood cabinetry and hardwood floors, with amenities such as a full-time doorman/concierge , a fitness center and a rooftop terrace.
The loan was made to McKinley Homes US, LLC, a property developer and builder based in Peach cornersGa. (Metro Atlanta) and arranged by Steven Buchwald of Mission Capital Advisors. Drew Miller of ACRES’ Uniondale, NY office issued the loan.
ACRES is a nationwide direct lender and SEC-registered investment adviser providing construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the $10 million for $100 million range including multi-family, student accommodation, retail, office, hospitality and industrial. Contact us at www.acrescap.com or at (516) 535-0015.
SOURCE ACRES Capital, LLC