ACRES funded a $30.5 million first mortgage loan to cover the predevelopment for the construction and renovation of a boutique, full-service hotel managed by Hilton as a Curio Brand Hotel. The loan will be used to fund a portion of the acquisition cost of the property as well as predevelopment costs to convert the existing 56-unit apartment building to a new hotel comprised of the following:
This hotel will be well-appointed with modern features and a contemporary design to accentuate the historical and architectural significance of the property.
The property’s immediate neighborhood, within the Historic District in DTLA, is experiencing a wave of redevelopment making it a true live-work-play environment.
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.