ACRES Capital Originates $18M Loan to Develop Miami Beach Condominiums
CONDO – CONSTRUCTIONMARCH 26, 2020
MIAMI BEACH, FL (March 26 , 2020) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, is pleased to announce that it has originated an approximately $18 million construction loan to fund the development of Ten30 South Beach (the “Property”), a four-story, 43-unit condominium building located at 1030 15th Street in Miami Beach, Florida. The loan carries a term of 18 months and is provided to sponsor Shoma Group, a local acquisition and development firm which has completed more than 10,000 homes and condominiums and over $4 billion in real estate transactions since its inception.
“The Ten30 South Beach project was an attractive origination opportunity due in part to its targeted segment of the highly desirable South Beach market,” said ACRES President and Chief Executive Officer Mark Fogel. “Its attainable price point and low common charges for each unit will accommodate a variety of residents, including local buyers looking to buy their first home, empty-nesters that are downsizing or those relocating from states with higher taxes. This wide appeal is augmented by strong, local sponsorship in Shoma Group, which will ensure that the property’s business plan is adeptly executed.”
Shoma Group selected ACRES for the financing due to its expertise in the area—the firm recently funded the Residence Club Condominium project in nearby Key Largo, Florida—as well as its surety of execution and creative capital solution.
Masoud Shojaee, President of Shoma Group, stated, “We are proud to have partnered with the professional team at ACRES for our latest project, Ten30 South Beach. Their trusted experience in real estate and construction provided us the opportunity to creatively and efficiently finalize a deal that would help us bring this curated modern collection of 43 condominiums to one of the hottest cities on the planet.”
Ten30 South Beach is located near an abundance of quality-of-life amenities including the famed Lincoln Road shopping district, Sunset Harbor, Flamingo Park, and popular dining and nightlife attractions. The Property will offer studio, one- and two-bedroom units and will feature a 6,000-square-foot roof deck with a rosé-colored pool, lounge, and outdoor kitchen area with barbecue and yoga space. Each unit will be equipped with state-of-the-art technology and high-end finishes, including Samsung Family Hub refrigerators, Italian-designed chef caliber kitchens, Bluetooth-enabled keyless entry, covered parking, expansive terraces, and spacious master bedrooms with a unique open-bathroom concept.
Miami residents and tourists alike have made South Beach one of the city’s most popular destinations, garnering attention from those in the fashion, music and entertainment industries. In addition to tourism, the submarket’s employment base encompasses over 30,000 daily workers and a healthy mix of sectors, including hospitality, health care, retail and construction. Ten30 South Beach brings residential growth to an area that has very few remaining pieces of developable land, and which is now seeing interest from buyers seeking more reasonable price points.
For more information on the Ten30 South Beach development, please visit Ten30SouthBeach.com.
About ACRES Capital
ACRES is a balance sheet lender and SEC-registered investment adviser that provides debt capital solutions for the commercial real estate industry on a nationwide platform. ACRES seeks opportunities in the $10 million to $100 million range on stabilized and transitional properties including multifamily, retail, office, hospitality, and industrial. ACRES has originated over $1.5 billion of loans since inception.
About Shoma Group:
Established in 1988, Shoma Group is an award-winning real estate development company specializing in residential and commercial projects. Over the past 31 years, Shoma has developed more than 10,000 homes and condominiums and more than one million square feet of retail and office space with $4 billion in completed real estate transactions. Completed projects include the prestigious City Place Doral, The Flats, Park Square, One Park Square at Doral, Doral View, and The Manor. Shoma has 10 current projects including Shoma Village, Shoma Retail, Shoma One, Sanctuary Doral, Shoma Bazaar, Shoma North Bay Village, Ten30 South Beach and three other projects in progress. Led by President and Chairman of the Board, Masoud Shojaee, Shoma Group has built a reputation as one of South Florida’s most trusted developers. Founded on the simple principle that properties should enrich the lives and communities of the people within them, Shoma has mastered the art and craft of home and commercial building. For more information visit www.shomagroup.com