JERICHO, NY (January 15, 2015) – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan secured by 55 West 90th Street, a vacant four-unit townhouse, located in the Central Park West neighborhood of Manhattan’s upper West Side (New York City, New York).
The Sponsors are acquiring the property with the intent to transform it to one single-family residence. Built in 1900, the property is situated on a 1,888 square-foot lot and currently improved with a 19-foot wide, five-story (plus full-height cellar), four-unit building with a three-story extension. Comprising a total 6,000± square feet, this townhouse features bay windows and a beautiful garden that backs up to other townhouses. It is located on 90th Street, less than one block from Central Park, between Columbus Avenue and Central Park West. Loan proceeds were used to facilitate acquisition of the property and fund renovation and interest reserves.
“We are excited about the opportunity to lend on a project right in our own backyard. This transaction serves as a testament to ACRES’ flexibility and versatility as a lender, given the unique nature of the asset and the Sponsor’s business plan. Manhattan is home to nine of the wealthiest big-city neighborhoods in the nation with the most affluent concentrations bordering Central Park. We understand the value and upside to be realized in this real estate play and are pleased to be a part of it,” according to Mark Fogel, President and Chief Executive Officer of ACRES.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $2 million to $30 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.