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Florida & Gulf Coast  + Finance  |  August 26, 2020
David Cohen
By: David Cohen

Asia Capital Provides $86M Refinancing for Miami MXU Project

Global real estate private equity and debt firm Asia Capital Real Estate (ACRE) has provided a $86.3 million loan to refinance Yard 8, a 387-unit, mixed-use project in Miami.

Located at 2901 NE 1st Ave., the property was developed by Wood Partners and delivered in May of 2019. The project is currently 83% occupied and is expected to stabilize in the near-term. The first mortgage loan will be used by Wood Partners to place permanent financing on the asset.

“ACRE is very excited to form a long-term partnership with Wood Partners, whom it believes to be the top multifamily developer in the country. We continue to explore a multitude of avenues in which to work together on both the private equity and credit side of our platform,” said Daniel Jacobs, head of origination of ACRE.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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