Mixed Use - Construction
JERICHO, NY – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan secured by a first mortgage encumbrance on three parcels – two of which are adjacent to one another and located at 801 12th Avenue South and 1165 – 1189 8th Street South while the third outparcel is located approximately one mile away at 599 River Point Drive. All three parcels are located in Naples, Florida and are situated adjacent to Naples Bay.
The Sponsor intends to redevelop the properties into a new 14-unit luxury condominium community and nearby 90,000 SF of mixed-use commercial/retail space. The condominium will be developed in two phases: Bay Club I (24,250± SF) will comprise a four-story, six-unit building and Bay Club II (30,200± SF) will comprise a five-story, eight-unit building. The outparcel will be developed with a 90,000 SF, three-story mixed-use structure that will contain 40,000± SF of restaurant/retail space on the 1st floor, 30,000± SF of retail/office space on the 2nd floor and 20,000± SF of office space on the 3rd floor. Parking will be located adjacent to and below the main structure. Loan proceeds were used to fund Borrower’s acquisition of the properties and predevelopment costs of the project.
“These properties represent a solid real estate play in a sustainable market by highly experienced real estate investors/developers. I am pleased with the ACRES team’s speed of execution on a complex transaction that had a number of significant moving parts to it” according to Mark Fogel, President and Chief Executive Officer of ACRES.