Yonkers apartment developer gets a $31.5M loan

ACRES Capital Corp., a commercial real estate middle-market lender, has originated a $31.5 million loan to fund the construction and stabilization of 56 Prospect Street, a nearly 79,000 s/f multifamily property located in Yonkers.

The loan is provided to Melville, New York-based sponsor Regency Apartment Ventures, LLC, and carries an initial term of 30 months.

Once complete, 56 Prospect Street will be seven stories tall, consist of 126 units and 130 parking spaces. Amenities will include a courtyard; roof deck; full, modern appliance package; high-end finishes; and private balconies for select units. Construction is planned to be completed by July 2023.