JERICHO, NEW YORK (May 16, 2014) – ACRES Capital, LLC (“ACRES”) is pleased to announce the funding of a bridge loan to renovate existing, two-family homes within a 19-home subdivision. The redevelopment of the subdivision by ACRES’ borrower has received high praise from area community leaders and represents a key component in the renaissance of a previously blighted area.
“ACRES prides itself in providing loans to repeat borrowers,” according to Mark Fogel, President & CEO of ACRES. “This transaction represents the second in a series of loans within this highly acclaimed housing redevelopment. We are proud to be part of this transformative project and look forward to another successful outcome.”
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $2 million to $20 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.