In June 2019, ACRES originated a $43.5 million bridge loan to complete the construction and stabilization of the Le Meridien by Marriott International hotel in Arcadia, Calif. The loan, which carries a term of 24 months, is sponsored by veteran investors Eric Chen and Wen Fei Shen.
The loan offered an attractive opportunity for ACRES to provide a flexible capital solution to experienced sponsors in the Los Angeles County market.
Located at 130 West Huntington Drive in the San Gabriel Valley, the Le Meridien by Marriott International consists of the following:
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.