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ACRE Provides $69M Refi on Cincy MXU
Global real estate private equity and debt firm Asia Capital Real Estate (ACRE) has provided $68.5 million of floating-rate debt for the refinance of City Club Apartments, also known as CCA CBD Cincinnati. The loan, which was underwritten with a LTV ratio of 63.4%, has a two-year term and two single-year extension options.
The loan refinanced City Club Cincinnati, a Class-A mixed-use property comprising 294 apartments and penthouses, 31,928 square feet of office and 17,498 square feet of retail. The sponsor acquired the property at 309 Vine St. in 2016 as a vacant office building and recently completed a repositioning of the asset into a Class A mixed-use apartment community.
ACRE’s Daniel Jacobs said his firm believes that “CCA CBD Cincinnati represents a best-in-class multifamily development in a market poised for long-term growth.” The transaction was brokered through Draper and Kramer out of Chicago.
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