ACRES Funds $12.85M for Adaptive Reuse Project in Downtown Washington DC

Mortgage to fund acquisition and pre-development of workplace to multifamily conversion

WASHINGTON, Oct. 25, 2022 /PRNewswire/ — ACRES Capital Corp. (along with its subsidiaries, “ACRES”), a nationwide business actual property middle-market lender, has originated a $12.85 million mortgage to fund the acquisition and pre-development of 1010 Vermont Avenue NW positioned in Washington, DC.

The positioning is residence to the historic Denrike Constructing, an 11-story-plus workplace constructing that’s deliberate to be transformed into an 89-unit multifamily constructing with 4,081 SF of floor ground retail. Centrally positioned inside downtown DC and simply north of McPherson Sq., the property is inside strolling distance to main sights such because the White Home, main universities, and handy entry to Metro stations. The constructing’s exterior is in a Gothic Revival model, which is uncommon among the many metropolis’s business buildings.

“Repurposing and repositioning properties for up to date market wants is proving to be a core focus to maneuver ahead post-pandemic,” mentioned ACRES Chief Govt Officer and President Mark Fogel. “With the rise of workplace vacancies, 1010 Vermont Avenue NW introduced an incredible alternative for an adaptive reuse undertaking that helps the market’s demand transition from workplace area to residential within the DC space.”

The mortgage was offered to 1010 Vermont Avenue LLC and was organized by Lindsay Stroud of Savills. Drew Miller of ACRES’ New York workplace originated the mortgage.

About ACRES

ACRES is a nationwide direct lender and SEC-registered funding adviser that gives development, bridge and everlasting debt capital options for the business actual property trade. ACRES companions on focused alternatives within the $15 million to $100 million vary, together with multifamily, scholar housing, retail, workplace, hospitality, and industrial. Contact us at www.acrescap.com or at (516) 535-0015.

SOURCE ACRES Capital, LLC