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ACRE Provides $49M Refi on North Richland Hills Project
Asia Capital Real Estate (ACRE), through ACRE Credit, the firm’s latest debt fund, provided $49.1 million to Sovereign Properties for the refinance of Millennium at Hometown, a soon-to-be-completed Class A multifamily project in North Richland Hills.
The sponsor acquired the 306-unit property in 2017 as vacant land and is expected to complete construction imminently. The loan, which was underwritten with an LTV ratio of 70.8%, has a two-year initial term and two single-year extension options.
“Despite the strong sentiment in multifamily, there is still significantly less liquidity in the transitional bridge space than there has been in previous years, allowing ACRE to gain market share providing institutional sponsors”—e.g., Sovereign Properties—“with the liquidity needed to navigate current market conditions,” said Daniel Jacobs, head of origination at ACRE.
The loan was brokered through JLL Capital Markets senior managing director Greg Nalbandian and director Jesse Wright.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
