Dealmaker: ACRES Capital Corp. Originates $93M

ACRES Capital Corp., New York, originated $92.6 million in construction financing for multifamily and condominium properties in Minneapolis and St. Petersburg, Fla.

In Minneapolis, ACRES originated a $19.2 million construction loan for Sawyer & Huck, a proposed 46,500-square-foot multifamily building that will house 83 units. Located within walking distance of downtown Minneapolis and the University of Minnesota, the property is in the St. Anthony West area on the Mississippi River’s east bank.

Drew Miller of ACRES’ Uniondale, N.Y. office originated the loan for Charles Street Development Co., Denver.

“Home to 18 Fortune 500 companies, Minneapolis has a rapidly growing multifamily market characterized by healthy occupancies and a strong tenant demographic driving demand,” said ACRES CEO and President Mark Fogel.

Miller also originated a $73.3 million loan to develop Reflection Condominiums in St. Petersburg, Fla. The proposed 18-story property will house 88 residential units, 2,760 square feet of retail space and 27,700 square feet of common area.

Alex Anderson of Eyzenberg & Co. arranged the financing for Mirror Lake Place LLC, St. Petersburg.

“St. Petersburg is one of the fastest-growing regions in Florida and has been called the ‘megamarket of the South’,” Fogel said. “We expect the city’s tremendous growth to continue long-term, boding well for high-end residential projects like this.”