JERICHO, NY (March 28, 2016) – ACRES Capital, LLC (“ACRES”) announces the funding of a first mortgage loan on a 1.19 acre site located in South Palm Beach, Florida.
The loan was used to recapitalize and fund predevelopment costs associated with the project. The property was previously a 58 – room motel which has been demolished to make way for a 6-story, 30-unit, luxury condominium building. The planned completion date for the project is February 2018.
“This property represents the only approved waterfront condominium complex in South Palm Beach with an aging supply of existing condos in the area. These 30 units are sorely needed given the growing demand in this popular market” according to Mark Fogel, President and Chief Executive Officer of ACRES Capital.
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 office, retail, hotel, condo, multifamily, senior housing, student housing, land, industrial, construction, adaptive reuse and predevelopment. For more information please visit www.acrescap.com