Asia Capital Real Estate Provides Austin Lawrence Partners with $34M Bridge Loan for High-Rise Development in Durham, N.C. | Business
DURHAM, NC – (BUSINESS WIRE) – March 9, 2021–
Asia Capital Real Estate (ACRE), a global real estate private equity firm, announced today that it has signed a $ 34 million bridging loan with Austin Lawrence Partners (ALP) for its One City Center mixed-use community. in Durham, North Carolina.
A downtown Durham, North Carolina (Photo: Business Wire)
The loan will be provided through ACRE’s latest debt fund, ACRE Credit, and will be used to refinance existing debts related to the project. The 2-year contract concluded at the beginning of March has a loan-to-value ratio (LTV) of 66.4 percent and offers options for two extensions of one year.
JLL managing director Roger Edwards acted as lead broker for the deal.
“Durham is one of a number of southern and sunbelt secondary markets where the multi-family sector is thriving due to strong employment growth and migration to cities in the south and sunbelt,” said Daniel Jacobs, Head of Origination at ACRE. “Austin Lawrence Partners is a well respected developer and many of those positive indicators are in One City Center – a unique downtown Durham luxury high-rise that has already had success in leasing and strong office tenants such as Duke University. We are proud to provide this for an already successful project and to contribute to its continued success as well as to the burgeoning growth of the entire triangle region. “
Located at 110 Corcoran Street, One City Center is a 28-story, mixed-use, Class A tower with 109 standard market apartments and 30 condominiums that were 88.1 percent occupied when the building opened in January 2021 , which was built and delivered by Austin Lawrence Partners in 2019, also includes 130,000 square feet of office space and 22,000 square feet of retail space on the ground floor of Armada Hoffler.
Community residents have access to a full suite of modern amenities, including a rooftop pool and hot tub with views of downtown Durham. Rooftop lounge with kitchen; state-of-the-art fitness center; Residential park on the 6th floor with seating areas, grills and a fireplace; a private dog run; and secure parking in a special garage with 122 spaces.
Individual units include floor-to-ceiling glass windows; 9-plus-foot ceilings; Stainless steel appliances; custom quartz countertops; oversized balconies; and skyline views.
Asia Capital Real Estate (“ACRE”) is a vertically integrated private equity firm specializing in commercial real estate through active investments in direct equity and debt capital markets as well as unique situational opportunities. ACRE manages a global portfolio of more than $ 1 billion that is focused on US apartment buildings with interests in the UK and Southeast Asia across separate industries. ACRE has offices in Atlanta, New York and Singapore.
Austin Lawrence Partners (“ALP”) is a nationally recognized privately held real estate development company with over 35 years of experience in property acquisition, development, property management, asset management, research, interior design, marketing and sales. In the United States, ALP has developed a diverse portfolio of over 30 assets totaling over three million square feet, including more than 2,000 multi-family units. ALP specializes in multi-family housing and has experience developing across a range of asset classes including hospitality, single family, office, retail, land development / subdivision, historic preservation and mixed use. ALP has offices in Aspen, CO and Durham, NC.
KEYWORD: NORTH CAROLINA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE & REAL ESTATE
SOURCE: Asia Capital Real Estate
Copyright Business Wire 2021.
PUB: 03/09/2021 02:44 PM / DISC: 03/09/2021 02:44 PM
Copyright Business Wire 2021.