New York condo project secures $34 million loan
McKinley Homes United Statesa Metro Atlanta-based real estate developer and builder, received a $34 million construction loan from ACRES Capital Corp. to develop The Rose at Great Neck Condominiums, a luxury development in Great Neck, NY
Funding was arranged by Steven Buchwald of Mission Capital Advisors. Drew Miller of ACRES’ office in Uniondale, NY, originated the loan.
Located at 212-230 Middle Neck Road on Long Island, the three-story property will have 40 luxury condo units for sale. The 1.2-acre site will also have an 80-space garage. The property is expected to be completed by July 2023.
Mark Fogel, CEO and President of ACRES, said in a prepared statement that the project will provide conveniently located and sought-after luxury housing options for families, professionals and empty nesters in a highly sought-after North County market. Nassau.
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The Rose at Great Neck Condominiums will be close to a Long Island Rail Road station and other transportation links to Manhattan.
The 48,720 square foot property will offer 1 one-bedroom, one-bathroom unit; 36 two-bedroom, two-bathroom units and 3 three-bedroom, two-bathroom units. The condos will feature high-end finishes and appliances, including washers and dryers, marble countertops, custom wood cabinetry, and hardwood floors. Community facilities will include a full-time doorman/concierge, fitness center and rooftop terrace.
ACRES provides construction, transition and permanent debt solutions in the range of $10 million to $100 million for asset classes including multi-family and student housing. In January, ACRES Capital provided a $30.5 million loan to Fulton Street Cos. for the acquisition and pre-development of 1200 W. Fulton St. in Chicago. Located in the Fulton Market District, the property consists of 19 adjoining parcels of land totaling 92,944 square feet that are set to be developed into a 380-unit residential tower with 5,000 square feet of retail and two office/sales buildings at the retail totaling 749,250 square feet.
In August, ACRES Capital provided an $89 million construction loan to Pelican Builders and Ranman USA to develop The Hawthorne, a 67-unit apartment community in Houston. Drew Miller of ACRES also originated the deal and Steven Buchwald of Mission Capital Advisors arranged the loan.