CORRECTING and REPLACING Asia Capital Real Estate (ACRE) Provides 11 Loans Totaling $358M for U.S. Multifamily Properties | Associated Press

NEW YORK – (BUSINESS WIRE) – Nov. September 2021–

Due to several revisions, please replace the publication with the following corrected version.

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

The updated version is:

ASIA CAPITAL REAL ESTATE (ACRE) PROVIDES 11 US $ 358 MILLION LOANS FOR US MULTI-FAMILY REAL ESTATE

Bridging loans will support projects in emerging markets such as 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 issued through ACRE’s ACRE Credit I debt fund will purchase, lease, remediate, and recapitalize 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 through 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 Jacob. “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 fund’s incredible success 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 lot 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 knowledgeable and trusted partner to facilitate the success of their projects 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 its original target of $ 300 million. The fund, launched in Q1 2020, was well received by institutional investors focused on stability and upside potential in an uncertain economic climate.

ACRE Credit I is making first-rate bridging mortgage loans, mezzanine loans and preferred equity to prime multi-family owners and operators backed by institutional grade real estate in the US In a low-return environment, the fund aims to generate double-digit interest rates and target IRRs in the lower to middle 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 in 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 has a fortune managed by more than $ 1.8 billion. 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 real estate equity and credit investments and are focused on high growth markets in the United States, with additional property under development in Southeast Asia and the UK. ACRE manages a global apartment building portfolio with offices in Atlanta, New York and Singapore.

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CONTACT: MEDIA CONTACT:

Champagne Williams

Antenna | Spaces

champaign.williams@antennagroup.com

646-791-9625

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

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Copyright Business Wire 2021.

source https://www.bisayanews.com/2021/09/21/correcting-and-replacing-asia-capital-real-estate-acre-provides-11-loans-totaling-358m-for-u-s-multifamily-properties-associated-press/