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.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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