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ACRES Acquires $34M Self-Storage Loan

JANUARY 05, 2023

Loan to Refinance Self-Storage Property in Hawthorne, CA

HAWTHORNE, CA (JANUARY 5, 2023) – ACRES announced today that it has acquired a $34 million loan to refinance Life Storage Hawthorne on behalf of its Cayman Island fund. 

Located in Hawthorne, CA, the property is a 91,113 SF Class A facility with a total of 986 units. Property amenities include on-site manager, perimeter fencing and 24-hour video surveillance. 

“Hawthorne’s economic environment is impacted by the greater economy of the region,” said ACRES Chief Executive Officer and President Mark Fogel. “A significant number of industrial and multifamily developments in the area demonstrated a need for self-storage facilities” 

The loan was provided to 1784 Capital Holdings based in Scottsdale, AZ and was arranged by Kim Bishop of Talonvest Capital. 

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ACRES Capital, LLC (“ACRES”) is an SEC-registered investment adviser with an office in Uniondale, New York. ACRES and its representatives are in compliance with the current registration and notice filing requirements imposed upon SEC-registered investment advisers by those states in which ACRES maintains clients. SEC registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability.

 

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