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. 

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.”

Acres Capital and P7 did not immediately return requests for comment.

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