JERICHO, NY (September 1 , 2015) – ACRES Capital, LLC (“ACRES”) announces the funding of a bridge loan on a 1.2 acre site approved for 9 single-family, detached homes located in Floral Park, NY.
The loan proceeds will be used for the acquisition, development and construction of the project. The homes are expected to be completed in eight months and range from 2,594± SF to 2,664± SF.
“The supply of new homes in quality neighborhoods within Nassau County is always limited due to the lack of available land and difficult development process. We are fortunate to be aligned with a top quality and experienced developer on this exciting project,” 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 $3 million to $30 million range on stabilized to distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com