WESTBURY, NY (November 14, 2016) – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage loan to finance the conversion of an existing multifamily property to a student housing complex in Iowa City, IA.
The loan proceeds will be used to fund the renovation of existing structures and develop a student housing project consisting of 336 suite-style apartment units with a total of 876 beds.
Development of the project is underway and is expected to be completed for the 2017 Fall Semester. The project will consist of 22 residential buildings, including eight newly constructed buildings with 176 suite- style apartments broken down into a range of two to three bedroom units (with one to four baths), both single story, and two-story townhome units, and a clubhouse. The new clubhouse will offer a variety of amenities such as an arcade, golf simulator, fitness center, café and basketball / volleyball court, community study rooms, and resort style pool area. The property will cater to the University of Iowa (UI) student body with over 32,000 students and secondarily to nearby Kirkland Community College, which has become a feeder school for UI with over 20,000 students. Currently, UI’s on-campus housing has limited accommodations, allowing the Property to capitalize on the lack of competitive private student housing facilities of this caliber with these amenities in this market. The project is located a short 3.5 miles away from campus.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $3 million to $50 million range on stabilized to distressed properties including office, retail, hotel, condo, multifamily, senior housing, student housing, industrial, construction, adaptive reuse and predevelopment. For more information please visit www.acrescap.com.