A Hilton-branded Finger Lakes resort is in the works, thanks to a $37 million bridge loan originated by ACRES in April 2019. The loan, which carries a term of 24 months, will be used to complete the construction and stabilization of the Canandaigua Finger Lakes Resort. The resort will feature:
Sponsors Robert Murphy and David Genecco selected ACRES for the project due to its flexible financing solution and certainty of execution.
This deal aligns perfectly with ACRES’ strategy of providing flexible capital to strong sponsors and marks yet another example of the important role ACRES plays in the middle market.
Exantas Capital Corp.is externally managed by ACRES Capital, LLC. The Company’s primary investment strategies include transitional commercial real estate loans and longer duration commercial real estate credit investments, such as commercial mortgage-backed securities. To see more on EXANTAS, click below.