ACRES funded a $74.5 million loan which will be used for the development of a new ground-up, luxury, age-restricted (55+) residential condominium. The loan, which carries a term of 24 months, will be used for the demolition of the existing structure and ground-up construction of the new development. The condominium will feature:
The sponsorship is represented by long-time members of the Ocean Reef Club who selected ACRES for this project due to its flexible financing solution and certainty of execution.
The Florida Keys is known for its warm climate and year-round availability for watersports and it’s rapidly becoming a hotspot destination with a more geographically dispersed clientele.
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.