Loan to fund the construction and stabilization of 751 self-storage units
ANNAPOLIS, Md., May 16, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a nationwide commercial real estate middle-market lender, has originated a $24.9 million loan to fund the development of Annapolis Self Storage in Annapolis, Maryland.
Once completed, the proposed development will be a 71,360 net-rentable square foot facility consisting of 751 climate-controlled storage units.
The facility is well-located on Old Mill Bottom Road, which serves as frontage to U.S. Highway 50 – a high-volume retail thoroughfare providing easy access to Class “A” self-storage spaces that will attract both residential and commercial users.
“Annapolis has some of the most attractive renter demographics of any submarket in the Baltimore metro area,” said ACRES Chief Executive Officer and President Mark Fogel. “The Severn River makes this some of the most sought-after real estate around, and it’s easy to see why both employers and households want to be there. This project will provide the market a convenient, newly constructed self-storage facility that will compete at the top of its peer set.”
The loan was provided to 1784 Capital Holdings LLC, based in Scottsdale, Arizona and arranged by Talonvest Capital. James Bracco of ACRES’ Miami office originated the loan.
ACRES is a nationwide direct lender and SEC-registered investment adviser that provides construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the $10 million to $100 million range, including multifamily, student housing, retail, office, hospitality, and industrial. Contact us at www.acrescap.com or at (516) 535-0015.
SOURCE ACRES Capital, LLC