Updated Apr 9, 2026
ACRES Capital Provides $96 Million Construction Loan For Development Site At 70 Westchester Avenue
70 Westchester Avenue
$96,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 8, 2026
About this deal
AI
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.
On the Map
$96,000,000
Development Site
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Players
White Plains Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93