ACRES Originates $15.9M Loan for Hart’s Camp & Cape Kiwanda RV ResortDECEMBER 23, 2021
Funds to acquire and renovate nationally recognized tourist destination on the Oregon Coast
PACIFIC CITY, OR (December 23, 2021) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, has originated a $15.9 million loan to fund the acquisition, renovation, and combination of Hart’s Camp and Cape Kiwanda RV Resort in Pacific City, OR.
Located on the Oregon coast at the edge of the Three Capes Scenic Route, Hart’s Camp is situated on a 3.4-acre property and consists of 38 RV sites and seven (7) permanent airstream RVs. Cape Kiwanda RV Resort is located on a 10-acre tract and consists of 110 RV sites, seven (7) tent sites, 14 cottages, and 14 camping cabins, for a total of 145 sites. Additionally, Cape Kiwanda includes a pizzeria, a market, and a deli with an ice cream shop.
In addition to the acquisition and merger of the two facilities, the loan will fund numerous renovations to the property and improvements to the customer experience, including updates to the RV sites, augmentations to on-premises retail offerings, and a redesign of the corporate offices for more efficient utilization.
“Pacific City’s reputation as a destination has grown significantly over the last ten years,” said ACRES Chief Executive Officer and President Mark Fogel. “Hart’s Camp & Cape Kiwanda RV Resort is well located for year-round tourism, just steps from Pacific City Beach and outside the State Natural Reserve Area.”
The loan was arranged by Casey Davidson of JLL, and was originated by Chris Hetzel of ACRES’ Los Angeles, CA office.