JERICHO, NY (December 15, 2015) – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage loan for a vacant 403-room hotel situated on a 4.28-acre parcel in Fort Myers, FL.
The initial loan proceeds were used to refinance an existing ACRES acquisition loan. Future loan proceeds will be used to redevelop and renovate the former hotel, into a 323-unit, for-rent, upscale independent senior living facility. The facility will also include the existing 550- space parking garage. Once completed, the property will offer residents many state-of-the-art amenities, a healthcare and wellness center for regularly scheduled doctor appointments, and chauffeured transportation to different destinations.
“ACRES initially provided the borrower with a loan to acquire this property and to plan a senior living facility. We were so pleased with the professionalism of the borrower, and the plans for the facility that we jumped on the opportunity to provide a much larger loan to complete the renovation and lease-up of the project. This will be the premier senior living facility in Fort Myers, which is increasingly becoming a highly sought destination as an alternative to neighboring cities, Sarasota and Naples,” 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 or distressed properties including Multifamily, Retail, Office, Hospitality, Industrial, Senior Housing, Adaptive Reuse and New Construction. For more information please visit www.acrescap.com.