secwatch.observer — SEC 8-K summary
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Issuer:     ACRES Commercial Realty Corp. (ACR)
CIK:        0001332551
Form:       8-K
Filed at:   2023-01-25T23:59:59+00:00
Accession:  0000950170-23-001179
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1332551/000095017023001179/0000950170-23-001179-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1332551/000095017023001179/acr-20230124.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-001179

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