ACRES Commercial Realty subsidiary guarantees $48M construction loan for student housing complex

ACRES Commercial Realty Corp.

Subsidiary ACRES Realty Funding, Inc. provided 'bad boy' guaranties on a $48M construction loan from Oceanview Life and Annuity Company.
Loan made to joint venture Chapel Drive East, LLC for a student housing project.
Guaranties also include Completion, Carry, and Environmental Indemnity agreements, with financial covenants for ARF.
Guarantors include ARF and individuals Jason Pollack and Frank Dellaglio.
Loan agreement dated January 24, 2023; guaranties are limited recourse, non-recourse carve-outs.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ACRES Commercial Realty Corp. entered into Guaranties (including Guaranty Agreement, Completion Guaranty Agreement, Carry Guaranty Agreement, and Environmental Indemnity Agreement) with Oceanview Life and Annuity Company valued at $48 million (effective 2023-01-24).

Action: entry
Agreement: credit facility
Counterparty: Oceanview Life and Annuity Company
Value: $48 million
Effective: 2023-01-24

Exact text from the filing

On January 24, 2023, in connection with ACRES Commercial Realty Corp.’s (the “Company”) investment in a student housing complex, ACRES Realty Funding, Inc., a direct, wholly-owned subsidiary of the Company (“ARF”) entered into guaranties related to a $48 million construction loan made by the joint venture in which the Company has a membership interest.

View on SEC.gov

85 material agreements filed in the last 30 days. Browse all material agreements →

ACRES Commercial Realty Corp. filing history →

Source: SEC EDGAR

accession 0000950170-23-001179

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.