Retail - Acquisition/Rehab
JERICHO, NY – ACRES Capital, LLC (“ACRES”) announces the funding of a bridge loan on a 307,793± SF retail shopping center in Hopkinsville, KY.
The loan proceeds were used to fund the discounted pay-off, redevelopment and repositioning of the property. The property currently consists of 307,793± SF of retail space, which is 74% occupied with a mix of local, regional, and national tenants. JCPenny, TeleTech and Dollar Tree, occupy most of the shopping center.
“The Sponsor is a strong owner and operator committed to the success of this project. ACRES was attracted to this property by its economic metrics, in particular a low basis per square footage and solid debt service coverage exhibited through key tenants. Community support for the project along with a solid line-up of future tenants allow for the ultimate success of the project,” according to Mark Fogel, President and Chief Executive Officer of ACRES.