PLEASE UPDATE YOUR BROWSER

1 Reason Agency

Insurance and Real Estate

  • About
    • Meet Our Agents
    • Partner Insurance Companies
  • Personal Insurance
    • Car Insurance Quote for Personal Auto
    • Boat Insurance
    • Home Owners Insurance
    • Life Insurance Quotes
    • Motorcycle Insurance
    • Personal Umbrella Insurance
    • Renters Insurance
    • RV Camper Insurance
    • Snowmobile Insurance
  • Business Insurance
    • Commercial Auto Insurance
    • What is General Liability Insurance
    • Rental or Vacant Properties
    • Workers Compensation in Wisconsin
  • Blog
  • Contact
    • Contribute As Guest Author
  • About
    • Meet Our Agents
    • Partner Insurance Companies
  • Personal Insurance
    • Car Insurance Quote for Personal Auto
    • Boat Insurance
    • Home Owners Insurance
    • Life Insurance Quotes
    • Motorcycle Insurance
    • Personal Umbrella Insurance
    • Renters Insurance
    • RV Camper Insurance
    • Snowmobile Insurance
  • Business Insurance
    • Commercial Auto Insurance
    • What is General Liability Insurance
    • Rental or Vacant Properties
    • Workers Compensation in Wisconsin
  • Blog
  • Contact
    • Contribute As Guest Author
Home > Real Estate News > Asia Capital Real Estate Provides $49.1M Refinancing to Millennium at Hometown in North Richland Hills, TX

Asia Capital Real Estate Provides $49.1M Refinancing to Millennium at Hometown in North Richland Hills, TX

Posted on: September 27, 2020 By: Insurance Updates

NEW YORK, Sept. 28, 2020 (GLOBE NEWSWIRE) — Global real estate private equity and debt firm 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 class-A multifamily project in North Richland Hills, TX.

The loan refinanced Millennium at Hometown, a to-be-completed Class-A multifamily property comprising of 306 apartments and 11,697 SF of retail. The sponsor acquired the Property in 2017 as vacant land and is expected to complete construction imminently, with the first building projected to TCO in December 2020. 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 (Sovereign) with the liquidity needed to navigate current market conditions,” said Daniel Jacobs, Head of Origination of ACRE.

The loan was brokered through JLL Capital Markets Senior Managing Director Greg Nalbandian and Director Jesse Wright.

The transaction represents the third deal closed by ACRE Credit within the last 60 days, totaling over $200 million of first mortgage bridge financings. With plans to continue its focus on financing multifamily assets, ACRE anticipates it will deploy more than $1B in capital in the coming year.

ACRE contact:

Daniel Jacobs

Head of Origination

daniel@acremgt.com

212-266-6922

Press contact:

Greg McGunagle

President, Transmitter

gmcgunagle@transmitterpr.com

212-967-1449

Comments

comments

Categories: Real Estate News

Categories

  • Bookkeeping
    • Business Taxes
  • Business Marketing
  • Car Insurance
  • Commercial Auto
  • Commercial Insurance
  • Court Cases
  • Cyber Liability Insurance
  • Employment Opportunities
  • Employment Practices
  • Flood Insurance
  • Home Ownership
  • Homeowner's Insurance
  • Insurance Companies
    • Insurance News
  • Insurance Terms
  • Investing
    • Finance & Insurance News
  • Life Insurance
  • Non Emergency Medical Transportation
  • Payroll
  • Pinewood Derby
  • Real Estate News
  • Rental Property Insurance
  • Retirement & Estate Planning
  • RV Insurance
  • Starting A Business
  • Stock Dividends
  • SuiteCRM Insurance CRM
  • Tips & Advice
  • Travel
  • Uncategorized
  • Webhosting
  • Worker's Compensation

Recent Posts

  • Park Hotels & Resorts Inc. Reports Fourth Quarter and Full Year 2020 Results
  • Homepie Becomes California’s Hottest Brokerage for Savings
  • Kite Realty Group Trust Announces Transformational Redevelopment at Glendale Town Center
  • Brandywine Realty Trust Announces Common Quarterly Dividend, and Confirms First Quarter 2021 Earnings Release and Conference Call
  • Kite Realty Group Trust Completes the Sale of 15 Ground Leases
  • Whitestone REIT Reports Fourth Quarter and Full Year 2020 Results & Provides COVID-19 Update
  • Ryman Hospitality Properties, Inc. to Present Virtually at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum – Friday, March 12, 2021, at 11:45 a.m. ET
  • New York Mortgage Trust Reports Fourth Quarter and Full Year 2020 Results