ACRES issues $24.9 million loan for Annapolis Self Storage in Annapolis
Loan to finance 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 mid-market commercial real estate lender, has launched a $24.9 million loan to finance the development of Annapolis Self Storage Annapolis, Maryland.
When completed, the proposed development will be a 71,360 net leasable square foot facility comprised of 751 climate-controlled storage units.
The property is conveniently located on Old Mill Bottom Road, which fronts US Highway 50, a high-volume retail thoroughfare offering easy access to Class “A” self-storage spaces that will attract both residential and commercial users.
“Annapolis has some of the most attractive tenant demographics of any submarket in the Baltimore metropolitan area,” said the CEO and President of ACRES Marc Fogel. “The River Severn makes this one of the most desirable properties around, and it’s easy to see why employers and households want to be there. This project will provide the market with a convenient, newly built self-service storage facility that will compete at the top of its peer set.”
The loan was granted to 1784 Capital Holdings LLC, based in Scottsdale, AZ and organized by Talonvest Capital. James Bracco of ACRES’ Miami 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