ACRES Capital Corp. funded a $59.6 million loan to complete the construction of Racanelli Construction’s The Residences at Glen Harbor, a 48-unit condominium located on Long Island.
The 165,000 s/f development is located at 10 Shore Road in Glenwood Landing. The loan carries a term of 30 months and is sponsored by developers Martin Racanelli, Nicholas Racanelli, Richard Racanelli and frequent Racanelli partner, Ben Heitner.
“Luxury condominiums on Long Island have been ideal targets for empty-nesters looking to downsize, and the limited near-term supply in Glenwood Landing combined with the sponsors’ local expertise and deep development acumen make this a quality product offering that is sure to see a high level of interest,” said ACRES Chief Executive Officer and President Mark Fogel.
Set to open in Fall, 2020, The Residences at Glen Harbor is a waterfront property overlooking Hempstead Bay, two miles from the Greenvale Long Island Railroad (LIRR) station and the town center of Roslyn. The property will feature two and three bedroom homes ranging from 1,750 to 3,600 s/f.
Racanelli will serve as the general contractor for the project, and the sponsors have engaged architect Devereaux & Associates as well as interior design firm Calder Design Group to refine the units and complete plans. Racanelli partnered, once again, on the development and financing of the Glen Harbor project with CPA Ben Heitner.
Andrew Milbank of Berko & Associates officiated the transaction with the support of Stephen and Barry Kiront of Craft Capital Management, LLC.