Asia Capital Real Estate (ACRE) recently secured $360 million worth of loans to support its rapidly rising market growth, according to a press release.
“August was a record month for our ACRE Credit fund, and that momentum has carried into September as multifamily borrowers across the country continue to recognize our superior execution and access to reliable streams of capital in an increasingly competitive environment,” Daniel Jacobs, ACRE’s head of origination, said in the press release.
A global real estate private equity and debt firm founded in 2011, ACRE's most recent investments in bridge loans were for projects based in Chicago, Dallas and Las Vegas. One of them, Tessa at Katy, consists of a 12-unit development in Texas that tops $53 million in value, the press release said.
The investments took place in housing developments in various states, including Texas, Florida, South Carolina and Ohio, among others. ACRE, with offices in New York, Atlanta and Singapore, has more than $1.8 billion in assets under management, according to the release.
“We’re proud to partner with these firms to support the growth of their developments within many of the fastest-growing rental markets in the country,” Jacobs said. “We look forward to building on the fund’s incredible success and continuing to source new and beneficial financing opportunities in the coming weeks and months.”
According to the release, the company recently confirmed the formal closure of its debt fund ACRE Credit I, following its ability to raise $328 million, which surpassed its initial goal of $300 million. During the first quarter of last year, the company received positive feedback from institutional investors looking to stabilize their business amid uncertain economic circumstances, the release said.
“The multifamily market is thriving in secondary markets across the country, as they continue to attract both new residents and jobs,” Jacobs said. “Owners and developers in these areas are increasingly in need of a skilled and trusted partner to facilitate the success of their projects, and this recent spike in activity is a testament to our ability to meet their fast-evolving needs.”