New York, N.Y., January 29, 2021 – Greenspoon Marder represented ACRES Capital in the origination of a $32.5M loan to fund the construction and stabilization of Auden Buffalo, a student-housing complex located in Amherst, NY, just one mile from The State University of New York at Buffalo’s “SUNY Buffalo” North Campus. The four-story, roughly 144,000-square-foot Auden Buffalo project will consist of 481 beds across 154 units, as well as a lower-level parking garage with 92 covered and 159 surface parking spaces.
Led by New York real estate partners,
Mark Fawer and Carolyn Austin, the Greenspoon Marder team represented ACRES in the negotiation of the construction loan and with its due diligence on the project.
The Greenspoon Marder Real Estate team is well-positioned to assist our clients in the acquisition, development, and financing of all asset classes of real estate. Our skilled attorneys are able to strategically navigate our clients through the local business landscape and advise on a wide range of real estate matters. From straightforward “dirt” transactions to handling complex senior and subordinate real estate financings and equity investments, we are in involved in some of the most exciting real estate projects in the country. Our mission is to identify, analyze, and develop opportunities for our clients and advise them through the full real estate cycle in order to provide a seamless experience that achieves their business objectives.
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ACRES is a direct lender and SEC-registered investment adviser that provides debt capital solutions for the commercial real estate industry on a nationwide platform. ACRES seeks opportunities in the $10 million to $75 million range on stabilized and transitional properties including multifamily, retail, office, hospitality, and industrial. As of December 31, 2020, ACRES has closed over $1.67 billion of transactions.
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