ACRES added another condominium to its portfolio of properties with the funding of a $10.5 million loan for the acquisition and construction completion of a 39-unit building. The residential development will feature the following:
The town of Guttenberg is located in the Gold Coast area of New Jersey, with easy access to transportation via bus, ferry, or light rail into the Upper West Side of Manhattan.
The sponsors are planning on capitalizing on this comparably affordable development by catering to a young working professional in the early stages of their career.
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.