ACRES Funds $35 Million for Mixed-Use Development in Miami, Florida
NOVEMBER 14, 2024Loan to Support Pre-Development of Three-Building Mixed-Use Site
[MIAMI, FL] (SEPTEMBER 12, 2024) – ACRES Capital Corp. (together with its affiliates, “ACRES”) announced today it has secured a $35 million loan to refinance the pre-development of a mixed-use project located at 2400-2500 North Miami Avenue in Miami, FL (the “Property”) on behalf of its Cayman Island Fund. The property spans across two parcels, totaling 106,752 square feet of prime development land. The loan was provided to Asher Abehsera of LIVWRK and Sol Global, LLC (the “Sponsor”) and facilitated by Sean Bastian of Walker & Dunlop (the “Broker”).
“ACRES is pleased to extend financing for this prime site in Wynwood, a submarket positioned for sustained growth. This property is strategically located at the heart of this rapidly expanding area.” said ACRES Chief Executive Officer and President, Mark Fogel.
The development site consists of two non-contiguous parcels, totaling 2.451 acres (106,752 square feet), located along North Miami Avenue between NW 24th Street and NW 25th Street. The assemblage comprises eight previously separate parcels, with the majority (approximately 1.9 acres) at 2400 North Miami Avenue and the remainder (0.5 acres) at 2500 North Miami Avenue. This prime location connects key areas of Miami, including Brickell, Midtown, and Wynwood.
The site currently contains 37,566 square feet of commercial buildings, with the ACRES loan earmarked to refinance and fund the pre-development costs for a proposed 1,370-unit multifamily project, encompassing 1,750,000 gross square feet of development.
About ACRES
ACRES is a prominent nationwide direct lender and SEC-registered investment adviser, offering a comprehensive range of debt capital solutions including construction, bridge, and permanent financing for the commercial real estate sector. ACRES focuses on opportunities within the $15 million to $100 million range, encompassing multifamily, student housing, retail, office, hospitality, and industrial properties. For more information, visit www.acrescap.com or contact us at (516) 535-0015.
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