JERICHO, NY (July 2, 2015) – ACRES Capital, LLC (“ACRES”) announces the funding of a bridge loan on a 2.7 acre site approved for the construction of a luxury condominium project located in Hollywood, FL.
The Sponsor intends to utilize the loan proceeds to fund the remaining predevelopment and soft costs associated with the project. Construction is currently underway for the 15-story, 247-unit luxury condominium with 6,222± SF of ground floor retail space. The construction is expected to be completed in January 2017.
“This was a great opportunity to make a loan on a well-received project in a revitalizing neighborhood. To date the sponsor has executed his plan remarkably well on,” according to Mark Fogel, President and Chief Executive Officer of ACRES.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operation on a nationwide platform. The company seeks opportunities in the $3 million to $30 million range on stabilized to distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.