JERICHO, NY (March 16, 2016) – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage loan on a vacant 4.31 acres parcel located in Ft. Myers, FL.
The loan was used to acquire the entitled property and to fund predevelopment costs. The proposed project is to construct two, 26-story luxury residential condominium towers, overlooking the Caloosahatchee River. Together the towers will contain 176 units and two, 4-story, above ground parking structures.
“ACRES is pleased to provide acquisition financing to a repeat borrower who has extensive experience developing residential condominiums in Fort Myers” according to Mark Fogel, President and Chief Executive Officer of ACRES Capital.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $3 million to $30 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