WESTBURY, NY (January 9, 2017) – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage acquisition and predevelopment loan on 15.3 acres of vacant entitled land located at 22465 Civic Center Way, Malibu, CA. As part of the Development Agreement, 2.3 acres of the 15.3-acre site will be released and contributed to the City of Malibu shortly after closing.
The fully entitled site is approved for 70,000 sf of retail space, 42,000 sf of ground level and 2nd story office space, and over 500 parking spaces in combined subterranean and surface level parking. This project presents a unique opportunity as it is located within the City of Malibu in Los Angeles County, one of the top markets in the country based on economy, employment and population. The Project represents a new addition to the market’s primary retail hub in the Civic Center area located off the Pacific Coast Highway and is the largest remaining piece of undeveloped commercially zone land within the Civic Center market.
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