Multifamily - Predevelopment
ACRES Capital, LLC (“ACRES”) is pleased to announce the funding of a bridge loan on an existing 67-unit residential rental property located in the Uptown neighborhood of Chicago, IL. Built in 1925, the 8-story Class B multifamily property will undergo an extensive renovation and modernization program. Once renovated, the property will offer 67 residential units, comprising 33 studios, 29 one-bedroom and 5-two bedroom units; all ranging in size from approximately 474 sf to 946 sf. In addition to renovating the units and upgrading the common areas, a rooftop deck and fitness room will be added amenities.
“ACRES is thrilled to team up with a local Sponsor who has successfully acquired and redeveloped more than 25 similar buildings in the Chicago area. The Property, which is located just north of downtown, is part of a vibrant submarket that has attracted a slew of young professionals in recent years,” according to Mark Fogel, President and CEO of ACRES.