JERICHO, NY (November 25, 2014) – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan on two land parcels located at 2501 Renaissance Blvd. and 2901 Renaissance Blvd., located within the Upper Merion Township of King of Prussia, PA.
The property’s current zoning allows for the Sponsor’s development of a planned 290-unit for-rent apartment community as well as a 250-unit for-rent, independent age-restricted apartment community for a combined total of 540 for-rent apartment units. The property is located within three miles from the King of Prussia Mall – one of the largest shopping malls in the United States (in terms of leasable retail space). Loan proceeds were used to fund a discounted payoff note purchase secured by the Property, provide remaining pre-development costs and fund an Interest Reserve.
“This transaction represents repeat business for ACRES with a Sponsor who has proven expertise in identifying and acquiring abandoned/underutilized industrial sites and transforming them into high-quality, Class A luxury multifamily live, work, and play communities. We are pleased to once again provide this developer with the funds that will enable him to capitalize on a solid value-add opportunity,” 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 $25 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.