Acres Supplies $47M Construction Loan for Long Island Apartments

P7 Development has sealed $47.2 million in construction financing to build a multifamily development in Long Island’s Nassau County, Commercial Observer has learned.

ACRES Capital provided the loan for the developer’s planned 104-unit Fieldstone at North Broadway project in Hicksville, N.Y., slated for completion in 2027. 

“ACRES continually seeks out opportunities to provide commercial real estate loans near our headquarters on Long Island,” Mark Fogel president and CEO of Acres Capital, said in a statement. “This multifamily project by P7 was particularly attractive to us given its central location in Nassau County, its proximity to a Long Island Railroad hub, as well as a multitude of top-tier amenities.”

Ripco Real Estate arranged the transaction with a capital advisory team led by Adam Hakim, James Murad and Michael Winter. 

Located at 76-82 North Broadway less than half a mile from the Hicksville Long Island Rail Road station, the four-story development will consist of studios, one-bedrooms and two-bedrooms with around 10 percent of the units designated as affordable housing. The property will house 3,957 square feet of ground-floor retail space along with community amenities that include a fitness center, a business center and an outdoor deck with a barbeque area. 

“Our team was able to navigate a complex financing structure and align the interests of both the lender and developer to ensure Fieldstone has the right capital foundation to move forward,” Murad said in a statement. “It’s rewarding to see our work translate into a project that will bring new housing and energy to Hicksville.”

 P7 did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.