JERICHO, NY (April 6, 2016) – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage loan on 277 acres of vacant entitled land located directly on the Intracoastal waterway in Coconut Cove, Florida.
The loan was used to refinance an existing loan on the property. The fully entitled site is approved for 640 condominiums units, 200 townhomes and 110 single family homes. Along with the development of the 950 residential units, the fully constructed site will include a 30,000 square foot clubhouse with a fitness center and a pool, a 7-court tennis complex, 3 community pools, a gatehouse, and RV storage. A boardwalk will be constructed from the 74-acre mangrove preserve and end at the Intracoastal / Indian River to allow residents and visitors access to the beautiful view.
The property is located in St. Lucie County and is centrally located to allow access to the north-south railroad spur in Fort Pierce and minutes away from US Highway 1 through a flyover connector bridge.
“This property represents the only entitled land along the Intracoastal for 35 miles spanning from the town of Jupiter to the south. Given the significant growth in interest north of Palm Beach County in Florida, the site is in an ideal location for the proposed development” 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