JERICHO, NY (July 8, 2016) – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage loan on a 10.8-acre development site in Buffalo, NY. The loan proceeds will be used to fund the construction of a 10-building, 176-unit student housing facility and clubhouse near SUNY Buffalo State College.
Development of the project is underway and is expected to be completed in time for the 2017 school year. Currently, on campus housing at Buffalo State only accommodates approximately 2,000 students, with 9,000 students living off campus in a variety of fragmented and outdated options. This facility will offer a variety of amenities including a fitness center, bowling alley, internet café and a basketball / volleyball court, and will cater to students attending Buffalo State who want to live in a high-quality alternative to the existing stock of available housing – within walking distance of campus.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operating on a nationwide platform. The company seeks opportunities in the $3 million to $50 million range on stabilized to distressed properties including office, retail, hotel, condo, multifamily, senior housing, student housing, land, industrial, construction, adaptive reuse and predevelopment. For more information please visit www.acrescap.com