Multifamily - Acquisition/Construction
JERICHO, NY – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage construction loan on a 2.72 acre marina front parcel.
The loan proceeds were used to repay the existing acquisition/predevelopment loan and to fund the hard and soft costs associated with the construction and stabilization of the property. The site will eventually consist of a 5-story, 75-unit, Class A residential building situated within the Channel Island Harbor in Oxnard, CA.
Construction is set to commence in May 2016. Once completed the finished project will offer tenants a modern, upscale interior with a state-of-the-art way of living. Along with the development of the 75-units, the fully constructed site will include a swimming pool, spa, BBQ, fireplace, lounge and courtyard area, access to the public marina and a walkway that connects to the Shops at Seabridge.
The property is located in Ventura County, which is part of the Greater Los Angeles area. Oxnard, known for its extensive agricultural lands, has recently developed into a major transportation hub for southern California through its metro line and port. The property will offer an attractive high-end rental product with the conveniences and amenities of urban properties to a low vacancy market.
“ACRES is enthusiastic about the market dynamics for multifamily and single family housing in Oxnard. The area is benefitting greatly from its lower price points for real estate combined with its strategic location just south of Santa Barbara and only 30 miles from Los Angeles” according to Mark Fogel, President and Chief Executive Officer of ACRES.