ACRES Secures $19 Million for Student Housing Complex in Winston-Salem, North Carolina
OCTOBER 09, 2024Loan to fund the refinancing of a 75-unit student housing complex
WINSTON-SALEM, NC (AUGUST 6, 2024) – ACRES Capital Corp. (together with its affiliates, “ACRES”) announced today that it has acquired a $19 million 1st mortgage loan to refinance Deacons Station, a 75-unit student housing complex with a total of 300 beds, located in Winston-Salem, North Carolina (the “Property”) on behalf of its Cayman Island Fund. The loan was provided to Martin Shore of Shore to Shore Properties (the “Sponsor”) and facilitated by Chris Pollard of Berkadia (the “Broker”).
“ACRES is pleased to provide another student housing loan in a college town exhibiting strong market fundamentals. We are confident in Shore to Shore’s ability to successfully execute their business plan for this property and look forward to their continued success.” said ACRES Chief Executive Officer and President Mark Fogel.
Deacons Station, a Class B student housing complex, was constructed in 2012 and consists of 16 two-story townhome-style buildings, along with a clubhouse, pool house, and maintenance shop. Spanning 10.898 acres, the property is located at 1831 Quantum Lane, approximately 1.2 miles (a five-minute drive) from Wake Forest University and 6.7 miles (a 15-minute drive) from Winston-Salem State University, making it a convenient housing option for students from both institutions.
About ACRES
ACRES is a prominent nationwide direct lender and SEC-registered investment adviser, offering a comprehensive range of debt capital solutions including construction, bridge, and permanent financing for the commercial real estate sector. ACRES focuses on opportunities within the $15 million to $100 million range, encompassing multifamily, student housing, retail, office, hospitality, and industrial properties. For more information, visit www.acrescap.com or contact us at (516) 535-0015.
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