ACRES Capital LLC Funds a Bridge Loan in Glen Cove, New York

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ACRES Capital LLC funds a bridge loan in Glen Cove, New York

ACRES Capital LLC

ACRES Capital, LLC is pleased to announce the funding of a bridge loan to renovate existing, two-family homes within a 19-home subdivision.. This subdivision, commonly known as Morgan Court, was originally developed between 1965 and 1970 as low income multifamily housing in a joint venture between the City’s Housing Authority and HUD. As the project failed and these homes have sat vacant since 2006, this neighborhood has become a blight on the community and local neighborhood. The project’s current sponsors approached the City Housing Authority with a vision for re-development of these dilapidated homes into newly renovated residences that would transform the neighborhood into a vibrant middle-class community that would improve the local area and its reputation.

ABOUT ACRES CAPITAL

ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $2 million to $20 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit http://www.acrescap.com.

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Mark Fogel -President
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