Hunton Andrews Kurth LLP represented ACRES Commercial Realty Corp. (NYSE: ACR) in connection with the establishment of a $50 million common stock at-the-market (ATM) offering program and a preferred stock ATM offering program.
Pursuant to ACR’s common stock ATM program, it may offer and sell up to $50 million of the company’s common stock from time to time through or to the sales agent, and pursuant to ACR’s preferred stock ATM program, it may offer and sell up to 2,980,000 shares of the company’s 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock and up to 2,192,143 shares of its 7.875% Series D Cumulative Redeemable Preferred Stock from time to time through or to the sales agent.
ACR is a real estate investment trust (REIT) primarily focused on originating, holding, and managing commercial real estate mortgage loans and may hold equity investments in commercial real estate properties through direct ownership and joint ventures.
The Hunton capital markets team that advised on the transaction was led by partners Rob Smith, Mayme Donohue, and Kendal Sibley, counsel Allison Stelter, and associates Matt Hayes, Claire Andress, Mary Corinne Archer, and Sarah Colborn.
