Mixed Use - Acquisition/Renovation
JERICHO, NY – ACRES Capital LLC (“ACRES”) is pleased to announce the funding of a bridge loan on adjacent three-story and four-story properties, currently improved with nine multifamily units, two retail spaces on the first floor and three office units on the 2nd and 3rd floors. These buildings, each built around 1860, will undergo an extensive renovation and modernization program. Once renovated, the properties, which are located in the Old City section of Center City, Philadelphia, PA, will become a single contiguous structure that will retain the two first-floor retail spaces while the upper floors will be converted to 16 residential units, comprising two studios, 13 one-bedroom apartments and one two-bedroom apartment; all ranging in size from approximately 730 sf to 1,700 sf. Loan proceeds were used to acquire the property and to fund a renovation budget for its rehabilitation and upgrade.
“We saw a solid opportunity in financing this highly experienced sponsor’s redevelopment and repositioning plan for the property in a market that is vibrant and up and coming,” according to Michael Bellissimo, Executive Vice President and Chief Credit Officer of ACRES.