ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, has originated a $34 million loan to fund the construction of The Rose at Great Neck Condominiums (the “Property”) in Great Neck, N.Y.
The Property will comprise 40 luxury condominium units for sale on three stories. It will also include 80 garage parking spaces on the 1.22-acre site.
Close to transportation links to Manhattan via a nearby Long Island Railroad station and a highly rated and desirable school district, The Rose at Great Neck is well situated for both the primary demographic targets of families and young professionals, as well as those looking to downsize their living situations.
“ACRES is pleased to provide funding for The Rose at Great Neck located within the highly sought-after Northern Nassau County market,” said ACRES CEO and President, Mark Fogel. “The completed project will offer conveniently located, in-demand, luxury housing options for families, professionals and empty nesters alike.”
The Rose at Great Neck will offer one – 1 bedroom/1 bathroom unit; 36 – 2-bedroom/2-bathroom units and three – 3-bedroom/2-bathroom units across 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 roof deck.
The loan was provided to McKinley Homes US, LLC, a land developer and builder based in Peachtree Corners, Ga. (Metro Atlanta) and arranged by Steven Buchwald of Mission Capital Advisors. Drew Miller of ACRES’ Uniondale, N.Y. office originated the loan.
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