ACRES initiates $73.375 million loan for Reflection Condominiums in St. Petersburg, Florida.

ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading middle-market commercial real estate lender, issued a $73.375 million loan to fund the development of Reflection Condominiums (the “Property”) in St. Petersburg, Florida. .

Located on a 0.70 acre site in downtown St. Petersburg along the southeast coast of Pinellas County, the proposed development will be an 18-story condominium building, housing 88 residential units and 2,763 additional square feet of commercial space available for lease. The property will also offer 27,691 square feet of common space and a 237-car parking garage.

St. Petersburg has transformed from a popular retirement destination to a more youthful city, attracting people of all ages who have moved in recent years to take advantage of the favorable climate and lower cost of living. The centrally located Reflection Condominiums will be surrounded by numerous restaurants, shops and cultural attractions.

“St. that the city’s tremendous growth will continue in the long term, which bodes well for high-end residential projects like this.”

The loan was made to Mirror Lake Place, LLC and was arranged by Alex Anderson of Eyzenberg & Company. Drew Miller of ACRES’ office in Uniondale, New York, originated the loan.

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