ACRES Provides $37.5 Million for Student Housing Property in Gainesville, FL
MAY 21, 2025Loan to fund a 770-bed Student Housing property
Gainesville, FL (May 20th, 2025) – ACRES Capital Corp. (together with its affiliates, “ACRES”) announced today that it has funded a $37.5 million loan to finance the acquisition of The Canopy, a 770-bed Student Housing property located in Gainesville, FL (the “Property”) on behalf of its Cayman Island Fund. The loan was secured for Aldo Facchi Sr., the managing partner of Centurion Property Group. (the “Sponsor”) and facilitated by Newmark.
“This transaction underscores ACRES’ commitment to financing high-quality student housing assets in strong university markets,” said ACRES Chief Executive Officer and President Mark Fogel. “The Canopy’s proximity to the University of Florida and its scale make it a compelling investment opportunity, and we’re pleased to support the Sponsor in this acquisition.”
The Canopy is a student housing development located on a 16.169-acre site in Gainesville, Florida, approximately 1.2 miles west of the University of Florida’s main campus. The Property consists of five 3-story residential buildings having 770 beds across 240 units, one clubhouse building and one maintenance building, totaling a net rentable area of 318,180 SF.
