ACRE’s $55M Loan Supports HHHunt’s $87M Acquisition of Nashville Community
ACRE has provided a $54.5-million loan to Blacksburg, VA-based HHHunt to support its $87-million acquisition of the newly built Abberly Foundry (formerly Alta Foundry) multifamily community in Nashville, TN.
Roger Edwards of JLL served as broker for the deal.
The loan was issued through ACRE’s debt fund “ACRE Credit I.” The three-year agreement includes options for two single-year extensions.
Since its launch, ‘ACRE Credit I’ has raised $509 million of equity and has closed and committed to providing over $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.
“Nashville has proven to be a resilient market in recent years, with low unemployment rates, an increase in corporate expansions to the area, and a rental market that continues to perform in terms of occupancy levels, new product delivery, and more,” said Sam Browne, VP of ACRE.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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