JERICHO, NY (January 20, 2015) – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan secured by Pitchford’s Landing, an existing 17-acre, 156-lot, full service RV Park that is currently owned and operated by the Sponsor and is located at 3830 NE Indian River Drive, Jensen Beach, FL.
The Sponsor is refinancing the property for redevelopment to a Planned Unit Development (PUD). The Property includes 750 feet of waterfront along the Indian River (a/k/a the Intracoastal Waterway) and is fully entitled and near shovel-ready for construction. The PUD shall include 39 for-sale Villas, 44 for-sale single-family homes, a private 10-slip marina, two swimming pools with clubhouses, a commercial marina and pier, and an approximate 3,100 square-foot restaurant. Loan proceeds were used to consolidate and retire the in-place loans and to provide funds to complete the permitting process and pre-development activities.
“This financing opportunity will enable the Sponsor to execute on its plan towards realizing the highest and best use for this attractive piece of real estate. The project, as entitled and permitted, is the only approved Planned Unit Development in Martin County and has a desirable location and much to offer by way of amenities. We look forward to helping the Sponsor turn his vision into a reality,” according to Mark Fogel, President and Chief Executive Officer of ACRES.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $2 million to $30 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.