JERICHO, NY (October 28, 2014) – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan on a fully entitled development site located at 750 Moore Road, King of Prussia, PA. The property’s current zoning allows for the Sponsor’s construction of a planned 248-unit for-rent apartment community which will include 160 one-bedroom units, 88 two-bedroom units, a clubhouse with a high-end fitness center, internet café, billiards room, lounge area, and a catering kitchen. 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.
“This Sponsor has proven expertise in identifying and acquiring abandoned/underutilized industrial sites and transforming them into high-quality, Class A commercial space or luxury multifamily live, work, and play communities, thereby revitalizing and transforming blighted areas into sought-after communities and business centers. We are pleased to be an integral part of this developer’s next visionary success,” 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.
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