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

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.