Updated Aug 27, 2025
Mark Fogel Of ACRES Capital Provides $19M Loan To Refinance Development Site In Warwick RI
175 Greenbush Road
$19,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 15, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 175 Greenbush Road, Warwick, RI. The property is designed for an age-restricted multifamily project, encompassing 29 occupied townhouses and plans for the construction of 53 new garden-style apartments.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $19,000,000
- Lender: Mark Fogel - ACRES Capital
- Loan Type: Refinance
- Date: 08/15/2025
This refinance transaction enabled the funding necessary to cover existing debt on the occupied townhouses while facilitating the expansion of the multifamily project, contributing to the overall development in Warwick, RI.
On the Map
$19,000,000
Development Site
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Players
West Warwick Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93