Hotel - Predevelopment
JERICHO, NY – ACRES Capital, LLC (“ACRES”) announces the funding of an $8.90 million bridge loan for a 403-room hotel situated on a 10.43 acres parcel in Kissimmee, FL.
The loan proceeds will be used to fund the payoff of an existing loan on the property, and to fund predevelopment costs. The borrower intends to convert the existing encumbered 403-room, 5-story hotel, into a 200-room all-suite, full service boutique hotel. The new property will cater towards local and regional sports, and traveling sports teams. The project is currently underway and is expected to be completed in 24 months. This is the third loan that ACRES has funded for this adaptive reuse developer.
“The borrower has a keen eye for identifying turnaround situations and we look forward to providing future loans for his projects” according to Mark Fogel, President and Chief Executive officer of ACRES.