NEW YORK – (BUSINESS WIRE) – September 20, 2021–
Replace the version with the following corrected version due to various revisions.
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The Rayette Lofts, an 89-unit multi-family community in St. Paul, Minnesota, which recently received an $ 18.2 million loan through Asia Capital Real Estate’s debt fund, ‘ACRE Credit I’. (Photo: Business Wire)
The updated version says:
ASIA CAPITAL REAL ESTATE (ACRE) PROVIDES 11 LOANSTOTALLY $ 358M FOR US MULTI-FAMILY PROPERTIES.
Bridge loans will support projects in growing marketslike Chicago, Dallas and Charleston
Asia Capital Real Estate (ACRE), a global debt and private equity real estate firm, announced today that it closed on 11 bridge loans since Aug. 1, totaling approximately $ 358 million to support multi-family buildings in high-growth markets in the U.S.
Issued through ACRE’s âACRE Credit Iâ debt fund, the loans will support the acquisition, lease, remodeling 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 more than $ 1 billion in full loans in 25 transactions.
“August was a record month for our ACRE loan fund, and that momentum has 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. âWe are proud to partner 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 gain beneficial new funding opportunities in the weeks and months to come. “
The loans issued through ACRE Credit since August 1 are the following:
- $ 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-unit apartment property in Dallas, Texas
- $ 25.0 million for Aspire on 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 thriving in secondary markets across the country as they continue to attract new residents and jobs,” said Jacobs. “Owners and developers in these areas increasingly need a knowledgeable and reliable partner to facilitate the success of their projects, and this recent increase in activity is a testament to our ability to meet their rapidly evolving needs.”
ACRE recently announced the formal closure of ‘ACRE Credit I’ after raising a total of $ 328 million, which easily exceeded its initial goal of $ 300 million. Launched in the first quarter of 2020, the Fund was well received by institutional investors focused on stability and upside potential in an uncertain economic climate.
ACRE Credit I provides first mortgage bridging loans, mezzanine loans, and preferred equity to best-in-class multi-family owner-operators secured by institutional-grade real estate in the U.S. In an underperforming environment, the Fund is intended to generate double-digit interest rates and target IRR in low to medium adolescence. Baird acted as financial advisor for many of the Fund’s most important engagements, including those of institutional investment managers Almanac Realty Investors and OPTrust. Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, made a capital commitment of $ 320 million for various funds managed by ACRE earlier in the year. A large percentage of the Almanac commitment went to ACRE Credit I, a testimonial from the ACRE lending platform and its proven track record.
About Asia Capital Real Estate (ACRE)
Founded in 2011, Asia Capital Real Estate (ACRE) is a global private equity real estate firm that manages capital for institutional and family office investors through a series of private equity and debt funds and currently has more than $ 1.8 billion in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have encompassed 22,000 units at 78 properties in 33 cities. ACRE’s strategies focus on direct credit and real estate investments and are concentrated in high-growth markets in the United States, with additional properties currently under development in Southeast Asia and the United Kingdom. ACRE manages a global portfolio of multi-family homes with offices in Atlanta, New York and Singapore.
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CONTACT: MEDIA CONTACT:
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
KEY WORD OF THE INDUSTRY: FINANCE PROFESSIONAL SERVICES RESIDENTIAL BUILDING AND REAL ESTATE COMMERCIAL BUILDING AND CONSTRUCTION AND REAL ESTATE PROPERTY
SOURCE: Asia Capital Real Estate
Copyright Business Wire 2021.
PUB: 09/20/2021 10:18 PM / DISCO: 09/20/2021 10:18 PM
Copyright Business Wire 2021.