ACRES Capital Corp. has originated a $37.5 million loan to fund the construction of The Watermark, a mixed-use multifamily property featuring luxury rental units, retail and office space located at 215 S. Water Street in Henderson, Nevada.
The loan is provided to sponsor Strada Development Group, a Nevada-based development firm focused on the Las Vegas community that develops mixed-use, hospitality, food and beverage, casino, and entertainment assets.
The Watermark will feature:
151 Residential Units
9,928 Square feet of retail space
14,725 Square feet of restaurant space
11,923 Square feet of office space
The class A, luxury Property will be located in Downtown Henderson’s Water Street District, which contains an eclectic mix of boutique shops, restaurants and nightlife—all within proximity to the Las Vegas Strip. The District’s Water Street Plaza, a versatile venue hosting a variety of events, is currently undergoing a revitalization that will include a 500-seat canopied amphitheater and 60,000 square feet of programmable deck area.