Asia Capital Real Estate has closed loans totaling $104 million for three multifamily communities in Louisville, Kentucky; Arden, North Carolina; and Indianapolis, Indiana.
Issued through ACRE’s debt fund “ACRE Credit,” the loans will aid in the refinancing and renovation of the properties, all located in high-growth markets.
They loans delivered by ACRE are:
- $43 million to joint venture partners Bristol Development and Federated Insurance for their seven-story multifamily property ‘Main & Clay’ in Louisville, Kentucky. Located at 633 E. Main St., the development is a 269-unit mixed-use building delivered in 2018 and is 94 percent occupied. The upscale community caters to working professionals and includes amenities such as a heated saltwater swimming pool, a clubhouse, bike storage, a fitness center and a pet spa. The three-year loan agreement carries a 70.6 percent Loan-to-Value ratio and includes two one-year extension options.
- $40 million to North Carolina-based Madison Capital Group for its Class-A, 232-unit ‘Burton Hills’ apartment community in Arden, North Carolina. Located at 105 Sweeten Grass Hill, Burton Hills is a three-story luxury property that was delivered in April 2021 and is currently 94.8 percent occupied. The apartments include a clubhouse; a saltwater swimming pool accented by tanning decks and a cabana; a fitness studio; a dog park and outdoor social spaces. The two-year loan agreement for the property includes three one-year extension options and a 70.1 percent LTV ratio.
- $21 million in debt capital to finance the reimagining of the 318-unit ‘Williamsburg North’ community in Indianapolis. The property, at 4430 Brookline Court, was built in the 1960s and is currently 97.2 percent leased. Community amenities include a clubhouse, a dog park, fitness center, swimming pool with a sundeck and picnic areas with BBQ grills. ACRE inked a deal for three-year loan teams with David Shemano, a real estate investor and owner of Williamsburg North. The loan includes two one-year extension options with a Loan-to-Value ratio of 70.6 percent.
