King of Prussia, PA
Office - Refi/TI/LC
JERICHO, NY – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan secured by 2701 Renaissance Boulevard, a class A office property located in the Upper Merion Township of King of Prussia, PA.
The property, owned by the borrower prior to loan close, is situated on a 5-acre land parcel and currently improved with a Class A, four-story (and partial fifth-story), multi-tenanted commercial office building constructed in 2001. The office building contains 124,600± square feet of rentable area, of which 98% is leased, and offers ample parking. Located just east of the King Prussia Mall, this property is a solid class A asset with credit anchor tenants. Loan proceeds were used to refinance an existing mortgage secured by the Property and establish Capital, Tenant Improvement/Lease Commission, and Interest Reserves.
“This refinance represents our third loan with this borrower and will ensure the success of his recent and successful execution on lease up and stabilization of the property. The ownership was up against a very tight time frame to close this transaction and ACRES’ highly talented team of professionals made it happen.” according to Mark Fogel, President and Chief Executive Officer of ACRES.