Melville, N.Y.–based sponsor Regency Apartment Ventures has plans to develop 56 Prospect St., a nearly 79,000-square-foot multifamily property located in Yonkers, N.Y., in Westchester County.
Recently, ACRES Capital Corp. originated a $31.5 million loan to fund the construction and stabilization of the project.
“We are thrilled to finance this new multifamily project in Yonkers’ Central Business District in the Getty Square neighborhood, which is currently seeing a large amount of redevelopment,” said Mark Fogel, ACRES CEO and president. “Yonkers contains an incredibly diverse population and a large number of young professionals seeking more affordable alternatives to New York City’s boroughs. We have an optimistic outlook on residential and commercial growth in the area, and believe 56 Prospect Street will become an attractive option for residents looking for quality housing.”
Once completed, 56 Prospect St. will be seven stories tall and consis
