ACRES funds $31M loan to Yonkers apartment developer

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ACRES Capital Corp., a commercial real estate middle-market lender, has originated a $31.5 million loan to fund the construction and stabilization of 56 Prospect Street, a nearly 79,000 s/f multifamily property located in Yonkers.

The loan is provided to Melville, New York-based sponsor Regency Apartment Ventures, LLC, and carries an initial term of 30 months.

“We are thrilled to finance this new multifamily project in
Yonkers’ Central Business District in the Getty Square neighborhood, which is
currently seeing a large amount of redevelopment,” said ACRES Chief Executive
Officer and President Mark Fogel. “Yonkers contains an incredibly diverse
population and a large number of young professionals seeking more affordable
alternatives to New York City’s boroughs. We have an optimistic outlook on
residential and commercial growth in the area, and believe 56 Prospect Street
will become an attractive option for residents looking for quality housing.”

Once complete, 56 Prospect Street 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. Construction is planned to be completed by
July 2023.

Ben Heitner, Managing Partner of Regency Apartment Ventures,
LLC, said, “We are excited to partner once again with the ACRES team, who
provided us with a creative financing solution to allow us to execute our
business plan for the property. We look forward to leveraging our local market
expertise to ensure 56 Prospect Street’s success, and to working with ACRES on
additional projects in the future.”

Andrew Milbank, Director of Finance & Capital Markets at Berko & Associates, arranged the loan, and the deal was originated by Marty Reasoner of ACRES’ New York office.

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