Progress Capital Secures $16M Loan For 653-655 Mace Ave Mixed-Use Development | 653-655 Mace Avenue | ACRES Capital | Abe Mann | Mixed-use | Loan

Summary

Loan

NEW YORK

Mixed-use

2,348 sqft

Progress Capital has secured $16 Million in financing for a mixed-use development located at 653-655 Mace Avenue in the Allerton section of the Bronx. The property spans 60,000 square feet and will comprise 53 residential units along with 16,000 square feet of commercial space. Notably, 30% of the residential units will be designated as affordable housing. The loan, provided by ACRES Capital, amounts to 80% Loan-to-Cost (LTC) and is a non-recourse construction loan.

Summary of Transaction Details

Property Type: Mixed-use
Transaction Amount: $16,000,000
Address: 653-655 Mace Avenue, Allerton Section, Bronx
Market: Allerton Section, Bronx
Lender: ACRES Capital
Landlord: Supreme Equities – Abraham Wieder
Brokers: Abe Mann – Progress Capital

Abe Mann of Progress Capital played a pivotal role in representing Supreme Equities in securing the financing for this project. In light of the challenges posed by the COVID-19 pandemic, including significant delays in obtaining necessary permits, Mann expressed his gratitude to all parties involved, particularly the underwriters at ACRES Capital who maintained the agreed-upon loan structure, rate, and terms throughout the process.

Contact Abe Mann at: (917) 574-3810 or [email protected]

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Players

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3

Agents
1
Agencies
1
Lenders
1

Abe Mann

Commercial Mortgage Broker

$14.8M Sold

Details

Deal Summary

FINANCED

IMAGE: Abe Mann, Mark Fogel DATE: 11/02/2020 ADDRESS: 653-655 Mace Avenue MARKET: Allerton Section, Bronx ASSET TYPE: Mixed-use LOAN AMOUNT: $16,000,000 LOAN TERMS: 80% LTC Construction Loan, Non-Recourse LENDER: ACRES Capital LANDLORD: Supreme Equities – Abraham Wieder BROKERS: Abe Mann – Progress Capital (@Progress.Capital) NOTE FROM BROKER: Progress Capital secured $16 Million in financing for 653-655 Mace Ave, a 60,000 SF development in the Allerton section of the Bronx. The property will have 53 residential units, plus 16,000 SF of commercial space. 30% of the units will be affordable. Abe Mann represented Supreme Equities in procuring the financing. “I want to thank all parties involved, especially the underwriters at ACRES Capital who helped us get this across the finish line. We had the loan fully approved Pre-COVID-19 and we thank ACRES for holding the same structure, rate and terms in place. The pandemic caused many challenges, including a significant delay in receiving NB permits, but everyone did an excellent job of overcoming these obstacles to get the loan closed.” – Abe Mann Contact Abe Mann at: (917) 574-3810 [email protected]

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Address653-655 Mace Avenue

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