acreGlobal Real Estate Private Equity Firm Secures $54.5 Million Loan with HHHunt Corporation to Support Newly Built Multi-Family Community Abberly Foundry (Previously Known as Alta Foundry) in Nashville, Tennessee has been confirmed.
Issued through ACRE’s debt fund, ACRE Credit I, the loan will support HHHunt’s purchase of 231 units of the community. The three-year contract, signed in October, includes two single-year extension options.
JLL’s Roger Edwards acted as broker for the transaction.
HHHunt, a regional real estate development, construction and management company, owns and manages over 8,800 multifamily homes in Virginia, Maryland, North Carolina, South Carolina, Tennessee and Georgia.
Since launch, “ACRE Credit I” has raised $509 million in equity, committed to provide over $2 billion in loans in over 50 transactions, acquired, leased-up multi-family properties , redevelopment and recapitalization. Growing secondary markets across the United States, including Miami and Orlando, Florida. Denver, Colorado. Durham, North Carolina. Charleston, South Carolina. and Dallas, Texas.
Developed by Wood Partners and completed in 2022, Abberly Foundry is located at 640 21st Ave. North in Midtown Nashville. The community has a mix of studio, 1 and 2 bedroom units ranging in size from 582 square feet to over 1,200 square feet spread across three residential buildings. As of October 2022, the property’s occupancy rate is 79%.
The community boasts quartz countertops, custom shaker-style cabinetry, designer pendant lighting, stainless steel appliances, spacious walk-in closets, hardwood-style plank floors, private patios and balconies, integrated smart It offers residents a range of modern features, including home technology. Amenities include a rooftop sky lounge with panoramic views of downtown Nashville, electric vehicle charging stations, a pet spa and dog park, co-working spaces, 24/7 package rooms, and art installations.