ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, has originated a $73.375 million loan to fund the development of Reflection Condominiums (the “Property”) in St. Petersburg, Florida.
Located on a .70-acre site in downtown St. Petersburg along Pinellas County’s southeast coast, the proposed development will be an 18-story condominium building, housing 88 residential units and an additional 2,763 square feet of retail space available for rent. The property will also provide 27,691 square feet of common area and a 237-car parking garage.
St. Petersburg has evolved from a popular retirement destination into a younger city, drawing people of all ages who have relocated in recent years to take advantage of the favorable weather and a lower cost of living. The centrally-located Reflection Condominiums will be surrounded by abundant dining options, shopping, and cultural attractions.
“St. Petersburg is one of the fastest growing regions in Florida and has been called the ‘megamarket of the South,’” said ACRES Chief Executive Officer and President Mark Fogel. “We expect the city’s tremendous growth to continue long-term, boding well for high-end residential projects like this.”
The loan was provided to Mirror Lake Place, LLC and was arranged by Alex Anderson of Eyzenberg & Company. Drew Miller of ACRES’ Uniondale, NY office originated the loan.
