ACRES Capital Corp., together with its subsidiaries, ACRES, a nationwide commercial real estate middle-market lender, has originated a $24.9 million loan to fund the development of Annapolis Self Storage in Annapolis.
Once completed, the proposed development will be a 71,360 net-rentable square foot facility consisting of 751 climate-controlled storage units.
The facility is located on Old Mill Bottom Road, which serves as frontage to U.S. Highway 50 – a high-volume retail thoroughfare providing easy access to Class “A” self-storage spaces that will attract both residential and commercial users.
The loan was provided to 1784 Capital Holdings LLC, based in Scottsdale, Arizona, and arranged by Talonvest Capital. James Bracco of ACRES’ Miami office originated the loan.