ACRES Provides $15 Million for Multifamily Property in San Diego, CA
OCTOBER 01, 2024Loan to fund a 70-unit mid-rise apartment complex.
SAN DIEGO, CA (August 7, 2024) – ACRES Capital Corp. (together with its affiliates, “ACRES”) announced today that it has acquired a $15 million loan to finance the acquisition of City Villas Apartments, a 70-unit multifamily property, located in San Diego, California (the “Property”) on behalf of its Cayman Island Fund. The loan was secured for David Sloan and Jordan Fisher of Next Wave Investors, LLC. (the “Sponsor”).
“ACRES is grateful for the opportunity to once again provide financing to David and Jordan of Next Wave Investors. As successful and valued repeat sponsors, we look forward to partnering on many more transactions with them in the future.” said ACRES Chief Executive Officer and President Mark Fogel.
The Property, located at 845 16th Street in San Diego, spans 0.46 acres and features two five-story apartment buildings. Originally constructed in 1988, the complex includes 70 units across 42,750 square feet of rentable space, with an average unit size of 611 square feet. The unit mix comprises 8 studio apartments, 50 one-bedroom/one-bathroom units, and 12 two-bedroom/two-bathroom units. Residents benefit from both above-ground and partially subterranean parking, provided within the property’s two garages.
