NEW YORK – (BUSINESS WIRE) – Aug. September 2021–
Due to several revisions, please replace the publication with the following corrected version.
Rayette Lofts, an 89-unit multi-family community in St. Paul, Minnesota, recently received a $ 18.2 million loan through Asia Capital Real Estate’s debt fund, ACRE Credit I. (Photo: Business Wire)
The updated version is:
ASIA CAPITAL REAL ESTATE (ACRE) PROVIDES 11 LOANSTOTAL US $ 358 million for US MULTI-FAMILY REAL ESTATE
Bridging loans will support projects in growth marketslike Chicago, Dallas and Charleston
Asia Capital Real Estate (ACRE), a global real estate private equity and debt firm, announced today that it opened its doors on Jan.
The loans are issued through ACRE’s ACRE Credit I debt fund and support the acquisition, lease, remediation and recapitalization of multi-family properties in markets such as Chicago, Illinois; Dallas, Texas; Gainesville, Florida; and Cincinnati, Ohio. To date, the fund has raised more than $ 1 billion in total loans in 25 transactions.
“August was a record month for our ACRE Credit Fund and that momentum continued into September as multi-family borrowers across the country continue to recognize our superior execution and access to reliable capital flows in an increasingly competitive environment.” said ACRE Managing Partner Daniel Jacobs. “We are proud to work with these firms to support the growth of their developments in many of the fastest growing rental markets in the country. We look forward to building on the incredible success of the fund and continuing to find new and beneficial funding opportunities in the coming weeks and months. “
The credits issued through ACRE Credit since August 1st are as follows:
- $ 53.6 million for Tessa at Katy, a 312-unit condominium in Katy, Texas
- $ 45.8 million for City Place, an apartment building community of 220 units in Gainesville, Florida
- $ 42.4 million for Lakewood Greens, a 252 unit property in Dallas, Texas
- $ 40.8 million for Mill House, an apartment building community of 232 units in Fort Mill, South Carolina
- $ 35.0 million for Premier at Prestonwood, a 208-unit condominium in Dallas, Texas
- $ 25.0 million for Aspire on James Island, a 127-unit project in Charleston, South Carolina
- $ 33.5 million for Helix Apartments, a 167-unit development in St. Louis Park, Minnesota
- $ 26.3 million for Shoreline, an apartment building community of 167 units in Cleveland, Ohio
- $ 25.4 million for Otis, a 92-unit development in Chicago, Illinois
- $ 18.2 million for Rayette Lofts, an 89-unit community in St. Paul, Minnesota
- $ 11.8 million for The Madison, a 116-unit facility in Cincinnati, Ohio
“The multi-family market is thriving in secondary markets across the country as they continue to attract both new residents and jobs,” said Jacobs. “Owners and developers in these areas increasingly need a competent and trusted partner to enable their projects to succeed, and this recent surge in activity is evidence that we are able to meet their rapidly evolving needs.”
ACRE recently announced the formal completion of ‘ACRE Credit I’ after raising a total of $ 328 million – slightly surpassing the original target of $ 300 million. The fund, launched in Q1 2020, was well received by institutional investors focused on stability and potential upside in the uncertain economic climate.
ACRE Credit I makes first-class mortgage bridging loans, mezzanine loans, and preferred equity to premium multi-family owners and operators backed by institutional-grade real estate in the U.S. with interest rates and target IRRs in their early to mid-teens. Baird served as the financial advisor to many of the fund’s largest holdings, including those of institutional investment managers Almanac Realty Investors and OPTrust. Almanach Realty Investors, Neuberger Berman’s private real estate investment arm, tied $ 320 million into various funds managed by ACRE earlier this year. A large percentage of Almanac’s commitment was assigned to ACRE Credit I, testament to ACRE’s credit platform and proven track record.
About Asia Capital Real Estate (ACRE)
Founded in 2011, Asia Capital Real Estate (ACRE) is a global real estate private equity firm that manages capital for institutional and family office investors through a range of private equity and debt funds and currently manages more than $ 1.8 billion in assets . Since its inception, ACRE’s acquisition, development and credit efforts have spanned 22,000 units in 78 properties in 33 cities. ACRE’s strategies are focused on direct property stock and credit investments and are focused on high growth markets in the United States, with additional property under development in Southeast Asia and the United Kingdom. ACRE manages a global apartment building portfolio with offices in Atlanta, New York and Singapore.
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL CONSTRUCTION & REAL ESTATE COMMERCIAL & REAL ESTATE & REAL ESTATE
SOURCE: Asia Capital Real Estate
Copyright Business Wire 2021.
PUB: 09/20/2021 10:18 PM / DISC: 09/20/2021 10:18 PM
Copyright Business Wire 2021.