JERICHO, NY (July 31, 2015) – ACRES Capital, LLC (“ACRES”) announces the funding of a bridge loan on a 307,793± SF retail shopping center in Hopkinsville, KY.
The loan proceeds were used to fund the discounted pay-off, redevelopment and repositioning of the property. The property currently consists of 307,793± SF of retail space, which is 74% occupied with a mix of local, regional, and national tenants. JCPenny, TeleTech and Dollar Tree, occupy most of the shopping center.
“The Sponsor is a strong owner and operator committed to the success of this project. ACRES was attracted to this property by its economic metrics, in particular a low basis per square footage and solid debt service coverage exhibited through key tenants. Community support for the project along with a solid line-up of future tenants allow for the ultimate success of the project,” according to Mark Fogel, President and Chief Executive Officer of ACRES Capital.
ABOUT ACRES CAPITAL
ACRES Capital is a direct lender operation on a nationwide platform. The company seeks opportunities in the $3 million to $30 million range on stabilized to distressed properties including Multifamily, Retail, Office, Hospitality, Industrial and New Construction. For more information please visit www.acrescap.com