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CORRECTING and REPLACING Asia Capital Real Estate (ACRE) Provides 11 Loans


Please replace the release with the following corrected version due to multiple revisions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210920005778/en/

The Rayette Lofts, an 89-unit multifamily community in St. Paul, Minnesota that recently received an $18.2 million loan via Asia Capital Real Estate’s debt fund, ‘ACRE Credit I’. (Photo: Business Wire)

The updated release reads: 


Bridge loans will support projects in growing marketssuch as Chicago, Dallas and Charleston

Asia Capital Real Estate (ACRE), a global real estate private equity and debt firm, today announced it closed on 11 bridge loans since August 1, totaling approximately $358 million to support multifamily buildings in high-growth markets across the U.S.

Issued through ACRE’s debt fund “ACRE Credit I”, the loans will support the acquisition, lease-up, redevelopment and recapitalization of multifamily assets in markets such as Chicago, Illinois; Dallas, Texas; Gainesville, Florida; and Cincinnati, Ohio. To date, the Fund has now provided more than $1 billion whole loans across 25 transactions.

“August was a record month for our ACRE Credit fund, and that momentum has carried into September as multifamily borrowers across the country continue to recognize our superior execution and access to reliable streams of capital in an increasingly competitive environment,” said ACRE Managing Partner Daniel Jacobs. “We’re proud to partner with these firms to support the growth of their developments within many of the fastest-growing rental markets in the country. We look forward to building on the fund’s incredible success and continuing to source new and beneficial financing opportunities in the coming weeks and months.”

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 multifamily 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 multifamily 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 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 multifamily 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 multifamily 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 are increasingly in need of a skilled 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 fast-evolving needs.”

ACRE recently announced the formal close of ‘ACRE Credit I’ after raising a total of $328 million – which easily surpassed its initial target of $300 million. Launched in Q1 2020, the Fund was well received by institutional investors focused on stability and potential upside in the uncertain economic climate.

ACRE Credit I provides first mortgage bridge loans, mezzanine loans and preferred equity to best-in-class multifamily owner-operators secured by institutional grade real estate across the U.S. In a low-yield environment, the Fund is…

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