ACRE Announces Closing of $111M in Loans for Two Multifamily Properties in Pflugerville, Texas | National Business
, 2023-01-30 10:02:48,
AUSTIN, Texas–(BUSINESS WIRE)–Jan 30, 2023–
ACRE, a global real estate private equity firm, today announced it has finalized two loans totaling $111 million with TerraCap Management, LLC (“TerraCap”), to support two multifamily properties in Pflugerville, Texas.
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‘The Beacon at Pfluger Farm’, a 258-unit multifamily development in Pflugerville, Texas. (Photo: Business Wire)
Issued through ACRE’s debt fund ‘ACRE Credit I,’ the loans will aid in TerraCap’s purchase of newly-built properties ‘The Dalton’ and ‘The Beacon at Pfluger Farm’, comprising 350 and 258 units, respectively. Executed in January, the three-year agreement includes options for two single-year extensions.
Newmark’s Matthew Williams and Kyle Schlitt served as debt brokers for the deal.
“Pflugerville is one of the fastest-growing suburbs in the Austin area and has seen immense demand as residents look to move out of core urban centers while also maintaining a level of proximity for work or leisure,” said Lauren Villano, Vice President, Acquisitions & Originations at ACRE. “We’re thrilled to announce the closing of these loans, which represent the inaugural partnership between ACRE and TerraCap. We look forward to continuing to invest alongside their firm and other respected industry leaders as we work to meet the demand for quality multifamily development in the U.S.”
TerraCap is a commercial real estate investment manager focused on value-add real estate acquisitions in the South Atlantic, West Central South, and West Mountain regions of the U.S.
Located at 2209 West Pflugerville Parkway, The Dalton was completed in 2021 and features a range of one-, two-, and three-bedroom rental units. The unit interiors feature tasteful faux wood flooring; stainless steel appliances; farmhouse kitchen sinks; granite countertops; tile backsplashes; contemporary custom cabinetry; custom lighting; and walk-in closets.
The building’s suite of on-property amenities includes a resort-style pool and luxury pool house with grilling stations; and a private dog park and grooming area. Additional amenities available to residents comprise an on-site concierge; on-demand Starbucks coffee bar…
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