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ACRES Capital Corp. Provides $31.5M Construction Loan For Multifamily Property On Prospect Street In Yonkers

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FINANCED
$31,500,000
Marty Reasoner
Andrew Milbank

New York

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MultiFamily79,000 SF
Financed 09/07/2021
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FINANCED

ACRES Capital Corp. Provides $31.5M Construction Loan For Multifamily Property On Prospect Street In Yonkers

56 Prospect Street, Yonkers, NY, USA

See Similar Deals
MultiFamily79,000 SF
Financed 09/07/2021
Marty Reasoner
Andrew Milbank
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$398
Total Square Footage:79,000 SF
Transaction Type:Loan

The multifamily property located at 56 Prospect Street in Yonkers has been involved in a recent loan transaction. The property spans over 1.81 acres and has a square footage of 79,000. The loan, valued at $31,500,000, was obtained for construction purposes and comes with a 30-month term.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $31,500,000
  • Address: 56 Prospect Street, Yonkers
  • Market: Yonkers
  • Loan Type: Construction
  • Lender: ACRES Capital Corp. - Mark Fogel
  • Landlord: Regency Apartment Ventures LLC - Ben Heitner
  • Brokers: Andrew Milbank - Berko & Associates; Marty Reasoner - ACRES Capital Corp.

The loan transaction was facilitated by Mark Fogel from ACRES Capital Corp. Marty Reasoner from ACRES Capital Corp. and Andrew Milbank from Berko & Associates represented the parties involved in the deal. Ben Heitner, representing Regency Apartment Ventures LLC, served as the landlord for this transaction.

Players

Andrew Milbank
Andrew Milbank
2 deals$39.6M volume
BROKER
Marty Reasoner
Marty Reasoner
2 deals$79.3M volume
BROKER
ACRES Capital
ACRES Capital
LENDER

Details

FINANCED
IMAGE: Marty Reasoner, Mark Fogel & Andrew Milbank DATE: 09/07/2021 ADDRESS: 56 Prospect Street MARKET: Yonkers ASSET TYPE: Multifamily ~ SF: 79,000 ~ ACRES: 1.81 LENDER: ACRES Capital Corp. - Mark Fogel LANDLORD: Regency Apartment Ventures LLC - Ben Heitner BROKERS: Andrew Milbank - Berko & Associates; Marty Reasoner - ACRES Capital Corp. LOAN AMOUNT: $31,500,000 LOAN TYPE: Construction LOAN TERMS: 30 months

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$31,500,000.00

Monthly NOI$210,000.00
Monthly Debt Service$199,101.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00