ACRES originated a loan to fund the acquisition and repositioning of the Harborfront Inn, a 35-key waterfront hotel located at 209 Front Street in Greenport, New York. The loan carries an initial term of 24 months and is provided to sponsor Eagle Point Hotel Partners, an investment platform targeting midscale, full-service and boutique hotels in primary and secondary U.S. markets.
The Harborfront Inn is ideally located on the south side of Front Street, overlooking the Peconic Bay in the heart of Greenport and sitting adjacent to Mitchell Park and Marina. The Inn has established itself as the top TripAdvisor-rated hotel in Greenport, maintaining a dedicated customer base among Greenport regulars while concurrently appealing to new visitors.
Several improvements are planned for the hotel following its acquisition, including:
Greenport’s historical significance as a major East Coast whaling, fishing, and ship-building port continues to entice a variety of visitors. Cultural attractions sustaining the area’s hospitality and tourism industries include a 1840s schoolhouse, 1920s carousel, 1870s replica blacksmith’s shop, the East End Seaport Museum, the Greenport Theatre, the Railroad Museum of Long Island, and several of Long Island’s esteemed 56 wine producers.
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.