Loan to finance the construction of an 18-storey building comprising 88 residential condominiums
ST. PETERSBURGFlorida. , April 11, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading mid-market commercial real estate lender, has launched a $73.375 million loan to finance the development of Reflection Condominiums (the “Property”) in St. Petersburg, Florida.
Located on a 0.70 acre site downtown Saint PETERSBOURG on Pinellas County southeast coast, the proposed development will be an 18-story condominium building, housing 88 residential units and an additional 2,763 square feet of commercial space available for lease. The property will also offer 27,691 square feet of common space and a 237-car parking garage.
Saint PETERSBOURG has grown from a popular retirement destination to a younger town, attracting people of all ages who have moved in recent years to take advantage of the favorable climate and lower cost of living. The centrally located Reflection Condominiums will be surrounded by numerous restaurants, shops and cultural attractions.
“Saint PETERSBOURG is one of the fastest growing regions Florida and has been called the ‘megamarket of the South,'” said the CEO and President of ACRES Marc Fogel. “We expect the city’s tremendous growth to continue over the long term, which bodes well for high-end residential projects like this.”
The loan was made to Mirror Lake Place, LLC and was arranged by Alex Anderson of Eyzenberg & Company. Drew Miller of ACRES’ Uniondale, NY office issued the loan.
ACRES is a nationwide direct lender and SEC-registered investment adviser providing construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the $10 million for $100 million range including multi-family, student accommodation, retail, office, hospitality and industrial. Contact us at www.acrescap.com or at (516) 535-0015.
SOURCE ACRES Capital, LLC