JERICHO, NY (July 29, 2016) – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage construction loan for a proposed luxury residential complex on a 1.86 acre site located on the Naples Bay waterfront in Naples, Florida.
Loan proceeds were utilized to repay existing debt and to fund the future hard and soft costs related to the redevelopment of the site. Upon completion, the property will consist of two, three and five-story buildings with ten for-sale luxury residential condominium units totaling 39,676 net sellable square feet and three retail units consisting of 5,025 net sellable square feet. The project will offer residents full-service amenities such as, private doorman lobby entrances, roof-top infinity pools with fire pits and seating areas, private balconies for each unit wrapping around the building to maximize the view of the bay/marinas and private enclosed garages.
The property is well-located on the Naples Bay waterfront in an area known as Old Naples, an affluent area known for its walkable downtown atmosphere with a wide range of amenities, entertainment, retail, restaurants and other commercial/office. The project will provide a new, unique product in the market befitting the wealthy demographic of the surrounding areas and capitalize on its Bayfront and marina location along Naples Bay.
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, land, industrial, construction, adaptive reuse and predevelopment. For more information please visit www.acrescap.com