Yard 8 Miami
Yard 8 Miami
NEW YORK, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Global real estate private equity and debt firm Asia Capital Real Estate (ACRE), through ACRE Credit, the company’s latest debt fund, is pleased to announce it has provided $86.3 million to Wood Partners for the refinancing of Yard 8 in Miami, FL.
The first mortgage loan has an LTV of 57.5 percent and will be used by Wood Partners to place permanent financing on the asset. This transaction was sourced off-market by ACRE.
Located at 2901 NE 1st Avenue, Yard 8 is a newly constructed class-A+, highly amenitized, mixed-use rental property featuring 387 high quality residences. The property, which was developed by Wood Partners and delivered in May 2019, is currently 83 percent occupied and is expected to stabilize in the near-term. The asset is a best-in-class multifamily asset located in a market poised for substantial growth.
“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.
Asia Capital Real Estate (ACRE) manages capital for institutional investors through a series of private equity and debt funds with AUM exceeding $2.2 billion. ACRE’s strategies focus on direct real estate equity and credit investments and are concentrated in the United States with additional properties currently in development in Southeast Asia and the United Kingdom. ACRE has acquired, operated, developed and made loans on over 22,000 apartments across 75 properties and 31 cities. ACRE Credit is a newly capitalized debt fund providing institutional financing to best in class multifamily owner operators.
Wood Partners is a national real estate company that acquires, develops, constructs and property manages multifamily communities. The company has been involved in the acquisition and development of more than 82,000 multifamily homes with a combined capitalization of more than $15.1 billion nationwide. The company currently owns 70 properties across the United States with a combined total of more than 19,000 homes. Wood Partners has offices in 19 major markets nationwide including Atlanta, Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Nashville, Orange County, Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Seattle, Washington, D.C., and West Palm Beach.
Head of Origination
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91bdbc85-5270-42ab-9a52-9d12095ff5fa