JERICHO, NY (December 30, 2014) – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan on the St. Louis Crowne Plaza Hotel, a full service hotel located at 200-220 North 4th Street, St. Louis, Missouri.
The Sponsors are acquiring the property with the intent to transform it to a mixed-use hotel, residential rental and retail/commercial property. The Sponsor’s plan is to convert the existing 440-key, high-rise hotel into a condominium by (i) redeveloping the upper floors of the property into 300 residential rental units, inclusive of studios, one-bedroom and two-bedroom units, and (ii) remodeling the lower floors into a higher-end boutique, all-suite hotel with 140± keys.
The Property is located along the west side of the Mississippi River and one block north of The Gateway Arch in Downtown St. Louis, the symbolic center for Greater St. Louis with The Gateway Arch recognized throughout the world and approximately 4 million visitors annually. Loan proceeds were used to fund the acquisition of property, an adjoining 48,000± SF commercial structure and attached parking garage and fund a Capital Reserve and Interest Reserve.
“We are extremely pleased to provide financing for a Sponsor who is recognized as an expert in the hospitality industry. This Sponsor has substantial experience in all phases of hospitality-related real estate investment throughout the United States and the Caribbean and has acquired, redeveloped, and financed over 160 hotels and oceanfront resorts and created substantial value for himself and his investors,” 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.