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ACRES Originates $73M Development Loan for St. Petersburg Condos
ACRES Capital Corp., has originated a $73.7-million loan to fund the development of Reflection Condominiums in St. Petersburg, FL.
The loan was provided to Mirror Lake Place, LLC and was arranged by Alex Anderson of Eyzenberg & Company. Drew Miller of ACRES originated the loan.
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. The property will also provide 27,691 square feet of common area and a 237-car parking garage.
“St. Petersburg is one of the fastest growing regions in FL and has been called the ‘megamarket of the South,'” said ACRES CEO and president Mark Fogel. “We expect the city’s tremendous growth to continue long-term, boding well for high-end residential projects like this.”
- ◦Financing
