Land - Predevelopment
JERICHO, NY – ACRES Capital, LLC (“ACRES”) announces the funding of a bridge loan on a 2.7 acre site approved for a luxury condominium project located in Hollywood, FL.
The loan proceeds will be used to fund the remaining predevelopment and soft costs associated with the project. Construction is currently underway for the 15-story, 247 unit luxury condominium with 6,222± SF of ground floor retail space located along the Atlantic Coast Line. The construction is set to be completed in January 2016.
“This was a great opportunity to make a loan on a well-received project in a revitalizing neighborhood. To date the sponsor has executed his plan remarkably well,” according to Mark Fogel, President and Chief Executive Officer of ACRES.