JERICHO, NY (January 28, 2015) – ACRES Capital LLC (“ACRES”) announces the funding of a bridge loan secured by a 4.28-acre parcel improved with a vacant 24-story, 345,822 square-foot hotel and adjoining 550-stall parking structure located at 2500 Edwards Drive, Fort Myers, FL.
The Sponsor intends to convert the 238-room hotel into a 323-unit, for-rent upscale independent senior living community. Once completed, the property will offer residents a wide range of state-of-the-art amenities including a grand lobby, salons, fitness/wellness centers, a movie theater, storage, home office centers, two swimming pools and a 200+ seat upscale restaurant with scenic river views. Service offerings will include fitness/wellness programs, housekeeping services, daily lunch/dinner sittings, chauffeured transportation, 24-hour concierge and weekly hosted social events and activities. Loan proceeds were used to fund the purchase of the property.
“The circumstances surrounding the sale of this property created a great opportunity for our Sponsor to acquire a solid asset and capitalize on the substantial demand for well-located independent senior living community development opportunities within the Fort Myers submarket” according to Mark Fogel, President and Chief Executive Officer of ACRES.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $2 million to $30 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.