Student Housing - Development
ACRES Capital, LLC (“ACRES”) is pleased to announce the funding of a construction loan for the development of a Class A, 194-unit, 592-bed, student oriented townhome and mid-rise apartment complex. The 230,200 square foot property is geared towards the student population at the University of Louisiana-Lafayette and will provide a mix of 1, 2, and 3-bedroom units in the midrise portion and 3, 4 and 5-bedroom units in the townhomes. Property amenities will include a club house, fitness center, large pool with a lazy river, a 25+ person hot tub, and a 25-foot exterior television screen. The Project not only represents an opportunity to provide a new student housing option for a market that lacks inventory but a superior product to what is currently offered.
“This project is representative of precisely what we seek when selecting loans in student housing properties: sponsorship with a strong track record, favorable market fundamentals, and best-in-class management. This deal required an innovative structure and ACRES was able to provide a tailor-made lending solution to accommodate the Sponsor,” according to Mark Fogel, President and CEO of ACRES.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $4 million to $50 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.