King of Prussia, PA
Multifamily - Predevelopment
JERICHO, NY – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan on a fully entitled development site located at 750 Moore Road, King of Prussia, PA. The property’s current zoning allows for the Sponsor’s construction of a planned 248-unit for-rent apartment community which will include 160 one-bedroom units, 88 two-bedroom units, a clubhouse with a high-end fitness center, internet café, billiards room, lounge area, and a catering kitchen. The property is located within three miles from the King of Prussia Mall – one of the largest shopping malls in the United States (in terms of leasable retail space). Loan proceeds were used to fund a discounted payoff note purchase secured by the property.
“This Sponsor has proven expertise in identifying and acquiring abandoned/underutilized industrial sites and transforming them into high-quality, Class A commercial space or luxury multifamily live, work, and play communities, thereby revitalizing and transforming blighted areas into sought-after communities and business centers. We are pleased to be an integral part of this developer’s next visionary success,” according to Mark Fogel, President and Chief Executive Officer of ACRES.