ACRE, a global real estate private equity firm, has finalized a $54.5 million loan with HHHunt Corporation to support the newly built multifamily community Abberly Foundry, formerly known as Alta Foundry, in Nashville, Tennessee.
Issued through ACRE’s debt fund “ACRE Credit I,” the loan will aid HHHunt’s purchase of the 231-unit community. Executed in October, the three-year agreement includes options for two single-year extensions.
Roger Edwards of JLL served as broker for the deal.
A regional real estate development, building and management company, HHHunt owns and manages more than 8,800 apartment homes in Virginia, Maryland, North Carolina, South Carolina, Tennessee and Georgia.
Since its launch, ‘ACRE Credit I’ has raised $509 million of equity and has closed and committed to providing more than $2 billion in loans across more than 50 transactions to support the acquisition, lease-up, redevelopment, and recapitalization of multifamily assets in growing secondary markets across the U.S. such as Miami and Orlando, Florida; Denver, Colorado; Durham, North Carolina; Charleston, South Carolina; and Dallas, Texas.
Abberly Foundry, which was developed by Wood Partners and reached completion in 2022, is located at 640 21st Ave. North in Midtown Nashville. The community features a mix of studio, one- and two-bedroom units, ranging in size from 582 square feet to more than 1,200 square feet, across three residential buildings. As of October 2022, the property was 79% occupied.
The community offers residents an array of modern features, including quartz countertops, custom shaker-style cabinetry, designer pendant lighting, stainless steel appliances, spacious walk-in closets, hardwood-style plank flooring, private patios and balconies, and integrated smart home technology. Amenities include a rooftop Sky Lounge with panoramic views of downtown Nashville, electric vehicle charging stations, a pet spa and dog park, a co-working space, a 24/7 package room, and an art installation.
ACRE closes $54 million loan to support Abberly Foundry apartment community in Nashville
