JERICHO, NY (October 5 , 2015) – ACRES Capital, LLC (“ACRES”) announces the funding of a bridge loan on 2 parcels totaling 70 acres in Santa Clarita, CA.
The loan proceeds will be used to fund costs associated with the repayment of debt and the development of the site. The project currently consists of six separate but contiguous raw land parcels that have been cleared and ready to be developed on. ACRES is funding the construction that has been approved to build five finished pads totaling 480 for-rent apartment units on 2 of those parcels allowing up to 548,856±SF of renovations. The project as a whole will consist of over 1,100 residential units, and 950,000± SF for commercial space.
The project will also include a transit station- Metro link State and bus transfer station, multi-story parking structures, as well as corresponding new infrastructure of streets, utilities, sewers, etc. The project is located only a short 35 miles north of downtown Los Angeles.
“Acres is excited to be involved in such a dynamic project which will change the landscape of the local commercial real estate market” 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 $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