ORLANDO, Florida., February 18, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading mid-market commercial real estate lender, has launched a $16 million loan to finance the development of Nona Cove Self Storage (the “Property”) in Orlando, Florida.
The building includes 98,448 net leasable square feet to be developed into an Extra Space self-storage building containing 1,046 temperature-controlled self-storage units and 7,593 net leasable square feet of retail space on the ground floor. The Extra Space self-storage development will be part of a mixed-use multi-family and retail development called [email protected] Anse Nona.
This project is well located near Orlando International Airport and Lake Nona Medical City â a 650-acre life sciences park designed with a long-term vision of creating a centralized and sophisticated medical treatment, research and education center in Central Florida.
The Lake Nona area is experiencing a development boom alongside an expected significant increase in population. Expansion plans include millions of square feet of retail space, thousands of hotel rooms and more than 100 retail stores and restaurants.
“The Lake Nona area is considered an exceptional market to develop because self-storage does not currently exist within a three-mile radius of the area,” said the CEO and President of ACRES. Marc Fogel. “We are delighted to partner with a sponsor with strong knowledge of this market and the foresight to contribute to the anticipated growth of Lake Nona.”
The loan was granted to FUTURA, a private real estate investor and development company dedicated to acquiring and creating unique, design-driven and financially viable mixed-use lifestyle centers. The loan was arranged by Steve Liebert of CCM Commercial Mortgage and initiated by James Bracco of ACRES’ Miami Office.
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 Corp.