Fort Myers, FL
JERICHO, NY – 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.