ACRES Capital Provides $96 Million Construction Loan For Development Site At 70 Westchester Avenue

The asset involved in this transaction is a development site located at 70 Westchester Avenue in White Plains. The property is associated with a construction loan amounting to $96,000,000, which supports the new multifamily project. The market value aligns with the ongoing development trends in White Plains, N.Y., positioned north of New York City.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $96,000,000
• Lender: ACRES Capital
• Loan Type: Construction
• Address: 70 Westchester Avenue
• Market: White Plains

Mark Fogel was involved as a key representative in this transaction, representing ACRES Capital as the lender in the issuance of the construction loan for the multifamily project at the specified address.