ACRES funded a $11,580,250 million loan which will be used to finance the predevelopment of 62 acres of land corresponding to 492 unfinished lots. The loan will fund first mortgage site development and lot sellout. The ultimate project plan consists of:
Located in a suburb of Washington D.C., the six-phase, mixed-residential community is on property spanning approximately 90 acres of land. The property is one hour from D.C.’s central business district and accessible to the other suburban D.C. office markets in Maryland such as Bethesda, Rockville, Silver Springs, and Chevy Chase.
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.