ACRES funds $12.85 million for adaptive reuse project in downtown Washington DC
Loan to finance the acquisition and pre-development of an office in multi-family conversion
WASHINGTON, October 25, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a nationwide mid-market commercial real estate lender, has launched a $12.85 million loan to finance the acquisition and pre-development of 1010 Vermont Avenue NW located at washington d.c..
The site is home to the historic Denrike Building, an 11-plus story office building that is set to be converted into an 89-unit multi-family building with 4,081 square feet of ground floor retail. Conveniently located in downtown DC and just north of McPherson Square, the property is within walking distance of major attractions such as the White House, major universities, and convenient access to subway stations. The exterior of the building is Gothic Revival in style, which is rare among commercial buildings in the city.
“The repurposing and repositioning of properties for updated market needs is proving to be a central objective moving forward post-pandemic,” said the CEO and President of ACRES. Marc Fogel. “With office vacancies increasing, 1010 Vermont Avenue NW has presented an excellent opportunity for an adaptive reuse project that supports the transition of market demand for office to residential space in the DC area.”
The loan was made to 1010 Vermont Avenue LLC and was arranged by Lindsay Stroud of Savills. Drew Miller of ACRES’ New York 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 $15 million at $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