New York Condo Project Gets $34M Loan
McKinley Homes US plans to build a luxury community on Long Island.
McKinley Homes US, a land developer and builder based in metro Atlanta, has received a $34 million construction loan originated by ACRES Capital Corp. to develop The Rose at Great Neck Condominiums, a luxury development in Great Neck, N.Y.
The financing was arranged by Steven Buchwald of Mission Capital Advisors. Drew Miller of ACRES’ Uniondale, N.Y., office originated the loan.
Located at 212-230 Middle Neck Road in Long Island, the three-story property will have 40 luxury condo units for sale. The 1.2-acre site will also have a garage with 80 parking spaces. The property is slated for completion by July 2023.
Mark Fogel, ACRES CEO and president, said in a prepared statement the project will provide conveniently located, in-demand, luxury housing options for families, professionals and empty nesters in a highly sought after market in northern Nassau County.
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The Rose at Great Neck Condominiums will be close to a Long Island Rail Road train 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. Condos will feature high-end finishes and appliances including washers and dryers, marble countertops, custom wood cabinetry and hardwood floors. Community amenities will include a full-time doorman/concierge, fitness center and roof deck.
ACRES provides construction, bridge and permanent debt solutions in the $10 million to $100 million range for asset classes including multifamily and student housing. In January, ACRES Capital originated 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 adjacent parcels of land totaling 92,944 square feet that is expected to be developed into a 380-unit residential tower with 5,000 square feet of retail and two office/retail buildings 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. ACRES’ Drew Miller also originated the deal and Mission Capital Advisors’ Steven Buchwald arranged the loan.