Multifamily - Acquisition/ Renovation
JERICHO, NY – ACRES Capital LLC (“ACRES”) is pleased to announce the funding of a bridge loan on an existing 280-unit multifamily property that will undergo an extensive renovation and re-branding program. Located in the heart of downtown Springfield, MA, the soon-to-be re-launched “SilverBrick Square” will consist of one, two, and three-bedroom apartments and townhouses ranging from 550 sf to 1,215 square feet. Loan proceeds were used to acquire the property and to fund a sizeable renovation budget for its rehabilitation and upgrade.
ACRES’ institutional experience in renovation, value-add projects, and asset management provided SilverBrick the necessary confidence of working with a professional team committed to mutual success. Erik Dowling and Aaron Papowitz, the project’s sponsors, thanked ACRES for its “support in making this transaction come to fruition.” “… [ACRES’] patience, flexibility and dedication did not go unnoticed.”
“We saw tremendous upside in Erik’s redevelopment and repositioning plan for the property and are delighted to be part of this extraordinary opportunity,” according to Mark Fogel, President & CEO of ACRES.