ACRE has announced the completion of a $54.5 million loan to the Abberly Foundry in Nashville, Tennessee.real estate weekly

ACRE, a global real estate private equity firm, today announced it has closed a $54.5 million loan with HHHunt Corporation (HHHunt). This is to support Nashville’s newly built multi-family community “Abberly Foundry” (previously known as “Alta Foundry”). Tennessee.

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.

“Nashville has had a low unemployment rate in recent years, an increasing number of businesses are moving to the area, and the rental market continues to be strong in terms of occupancy rates, new product deliveries, and more, making it a resilient market. has been proven,” said Sam Browne, Vice President of ACRE. “He by HHHunt is proud to be involved in the acquisition of Abberly Foundry. We look forward to continuing this partnership and helping the asset reach its full potential under new owners.”

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 financing in over 50 transactions, and is acquiring growing multifamily assets , leasing up, redevelopment, and supporting recapitalization. Secondary markets across the United States, including Miami and Orlando, Florida. Denver, Colorado. Durham, North Carolina. Charleston, South Carolina. and Dallas, Texas.

“ACRE remains steadfast in our mission to provide debt financing to rental housing developments nationwide, and the deal with HHHunt marks another exciting milestone for the company,” Brown said. “We are committed to supporting the multifamily industry through our rapidly growing lending platform and have found a valuable and trustworthy investment in those who continue their efforts to improve the health of this industry through acquisitions. We are honored to be your partner, such as developing from scratch.”

Developed by Wood Partners and completed in 2022, Abberly Foundry is located at 640 21st Avenue North in Midtown Nashville. The community is a mix of studio, one-bedroom, and two-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 was 79% occupied.

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.

Abberly Foundry residents also have convenient access to Nashville’s business, healthcare, technology and higher education facilities, as well as an array of outdoor recreation areas such as Marathon Village, Watkins Park and Centennial Park.

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