JERICHO, NY (May 19, 2016) – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage loan on an existing, 12-story mixed use building situated on a .67-acre parcel in Downtown Rochester, New York.
The loan proceeds were used to repay the existing acquisition/construction loan and to fund the hard and soft costs associated with the redevelopment and stabilization of the 12-story, 148,524 square foot mixed-use building.
Redevelopment of the property is underway and is expected to be finished by the end of 2016. Once completed, the building will consist of 102 residential rental units and commercial office/retail space totaling 56,653 square feet. The Property will cater to young professionals seeking a location close to work, empty nesters looking for access to amenities and arts, as well as students and University of Rochester-related employees. Residents will have access to many amenities and attractions as Rochester has evolved in recent years into a 24-hour city.
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