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ACRES Capital Originates $37M Loan For Hilton-Branded Finger Lakes Resort

Monday, April 15, 2019
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NEW YORK–ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, today announced that it originated a $37 million bridge loan to complete the construction and stabilization of the Canandaigua Finger Lakes Resort. The loan, which carries a term of 24 months, is sponsored by experienced developers Robert Murphy and David Genecco.

“Originating this loan aligns with our strategy of providing flexible capital to strong local sponsors with sound business plans and established track records of success,” said ACRES Chief Executive Officer and President Mark Fogel. “We like this resort because its exceptionally well located, anchored by a highly recognized national brand and the market is supported by strong travel fundamentals.”

Located at 205 Lakeshore Drive in Canandaigua, New York, the resort will feature a 109-key Tapestry by Hilton hotel, 44 residential condominium units, a restaurant and a 13,000-square-foot conference space. In addition to its strong brand, the resort is poised to benefit from the influx of tourists from nearby areas like Rochester, Buffalo and Syracuse who frequent Lake Canandaigua. ACRES was selected by the sponsors for its flexible financing solution and certainty of execution.

“ACRES’ creative financing structure will provide us with the necessary capital to see this project through a clear path to completion,” said sponsors Murphy and Genecco. “Its swift and accurate due diligence process got this project up and running in a timely fashion, and they are an extremely professional group to work with. Once complete, the Resort will be a cornerstone of the highly sought-after Canandaigua market, and will provide enjoyment to a multitude of visitors for generations to come.”

Fogel continued, “This deal is a perfect example of the important role ACRES plays in the middle market, which continues to fuel our growth. We look forward to carrying this strong momentum throughout the remainder of the year and beyond.”

Hospitality management firm Hay Creek Hotels and Restaurants will handle the design, development and operations of the resort, bringing its extensive experience with internationally acclaimed hotel brands to the project.
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