JERICHO, NY (April 18, 2014) – ACRES Capital LLC (“ACRES”) is pleased to announce the funding of a bridge loan on a 142,000 square-foot Class B+ office building located in Richmond, VA. Loan proceeds were used to refinance an existing loan on the property and to fund future significant tenant improvements and leasing commissions.
“The sponsors were seeking a customized solution with competitive terms to maximize the value of their investment in the property,” according to Mark Fogel, President & CEO of ACRES. “ACRES structured the loan to provide the sponsors with the necessary funds to complete the lease up of the property, while still allowing for principal prepayment flexibility.”
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $2 million to $20 million range on stabilized or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com.