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ASIA CAPITAL REAL ESTATE (ACRE) PROVIDES 11 LOANS TOTALIZING $ 358 MILLION FOR AMERICAN MULTI-FAMILY PROPERTIES
Bridge loans will support projects in growing markets like Chicago, Dallas and Charleston
Asia Capital Real Estate (ACRE), a global private equity and real estate lending firm, today announced that it has entered into 11 bridge loans since August 1, totaling approximately $ 358 million to support multi-family buildings in the markets strong growth in the United States
Issued through ACRE’s “ACRE Credit I” debt fund, the loans will support the acquisition, rental, redevelopment and recapitalization of multi-family assets in markets such as Chicago, Illinois; Dallas, Texas; Gainesville, Florida; and Cincinnati, Ohio. To date, the Fund has made over $ 1 billion in whole loans in 25 transactions.
“August was a banner 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 environment of more and more competitive ” said ACRE Managing Partner Daniel Jacobs. “We are proud to partner with these companies 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 seek out new beneficial funding opportunities in the weeks and months to come.
The loans issued via ACRE Credit since August 1 are as follows:
$ 53.6 million for Tessa at Katy, a 312-unit apartment development in Katy, Texas
$ 45.8 million for City Place, a 220-unit multi-family community in Gainesville, Florida
$ 42.4 million for Lakewood Greens, a 252-unit property in Dallas, Texas
$ 40.8 million for Mill House, a 232-unit multi-family community in Fort Mill, South Carolina
$ 35.0 million for Premier at Prestonwood, a 208-apartment building in Dallas, Texas
$ 25.0 million for Aspire at James Island, a 127-unit development in Charleston, South Carolina
$ 33.5 million for Helix Apartments, a 167-unit development in St. Louis Park, Minnesota
$ 26.3 million for Shoreline, a 167-unit multi-family community 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 development in Cincinnati, Ohio
“The multi-family market is booming in secondary markets across the country as they continue to attract both new residents and jobs,” Jacobs said. “Owners and developers of these domains increasingly need a qualified and trusted partner to facilitate the success of their projects, and this recent spike in activity is a testament to our ability to meet their rapidly changing needs. . ”
ACRE recently announced the official closing of ‘ACRE Credit I’ after raising a total of $ 328 million, which far exceeded its initial target of $ 300 million. Launched in the first quarter of 2020, the Fund has been well received by institutional investors focused on stability and upside potential in an uncertain economic climate.
ACRE Credit I provides senior mortgage bridging loans, mezzanine loans and preferred shares to top multi-family owner-operators secured by institutional grade real estate across the United States In a low yield environment, the Fund is intended to generate double-digit interest rates and target IRRs in the low to mid-teens. Baird has acted as financial advisor to many of the Fund’s most significant engagements, including those of institutional investment managers Almanac Realty Investors and OPTrust. Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, committed $ 320 million earlier this year to various funds managed by ACRE. A large percentage of Almanac’s commitment went to ACRE Credit I, a testament to ACRE’s lending platform and its 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 investors through a series of private equity and debt funds and currently manages over 1.8 billion dollars in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have focused on 22,000 units across 78 properties in 33 cities. ACRE’s strategies focus on direct investments in real estate and credit and focus on high growth markets in the United States, with additional properties currently under development in South East Asia and the United Kingdom . ACRE manages a global portfolio of multi-family housing with offices in Atlanta, New York and Singapore.