ACRES originated a loan to fund the renovation of Sound View Greenport, an award-winning, resort-style hotel located at 58855 North Road in Greenport, New York. The loan carries an initial term of 24 months and is provided to sponsor Eagle Point Hotel Partners (“Eagle Point”), an investment platform targeting midscale, full-service and boutique hotels in primary and secondary U.S. markets.
Sound View Greenport is an upscale, boutique hotel featuring:
Upon acquiring the property in early 2016, the sponsor invested approximately $6 million in capital improvements to help solidify the hotel as a premier destination for Eastern Long Island visitors. ACRES’ new financing will provide working capital to fund further renovations to the hotel’s Pebble Beach building, which will involve the overhaul and reconfiguration of 10 units, increasing the hotel’s key count by eight. It will also allow for the relocation of the road in front of the property, providing a quieter, more serene atmosphere for guests.
Sound View Greenport has garnered several favorable recognitions, including TripAdvisor’s 2019 Certificate of Excellence; OpenTable’s 2019 Diner’s Choice; and Fodor’s “The Best Hotels in the USA.” The sponsor selected ACRES for its ability to creatively and efficiently structure financing to replace previous debt on the property.
Historically, Greenport has been a significant East Coast fishing, whaling and shipbuilding port for New York. Its numerous cultural attractions continue to entice a wide range of visitors today and include the village’s thriving waterfront, quaint retail shops, and abundant restaurants.