New York, NY
Multifamily - Repositioning
ACRES Capital, LLC (“ACRES”) is pleased to announce the funding of a loan for the acquisition, renovation and expansion of 21 Park Place in New York City. Upon completion of the renovation plan, the property will operate as a 7-unit transient hotel with a ground floor retail component. Located on the border of the Tribeca and Financial District neighborhoods, 21 Park Place benefits from its proximity to the surrounding World Trade and Wall Street area, as well as, its accessibility to a multitude of tourist attractions. The property will feature 24/7 concierge services, high end modern designed furnished units, and hotel-like services.
Mark Fogel, President & CEO of ACRES commented “This property exemplifies the newest trend in short-term rentals whereby hotels are shifting their design strategies and adapting rooms to reflect residential features. ACRES appreciates the opportunity to partner with a seasoned team of executives on what we hope will be the first of many such adaptive reuse projects.”
ACRES is a direct lender operating on a nationwide platform. The company seeks opportunities in the $5 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.