DURHAM, N.C.--(BUSINESS WIRE)--Asia Capital Real Estate (ACRE), a global real estate private equity firm, today announced that it has finalized a $34 million bridge loan with Austin Lawrence Partners (ALP) for its ‘One City Center’ mixed-use community in Durham, North Carolina.
Provided through ACRE’s latest debt fund “ACRE Credit”, the loan will serve to refinance existing debt related to the project. Executed in early March, the 2-year agreement carries a Loan-to-Value ratio (LTV) of 66.4 percent, with options for two single-year extensions.
JLL Managing Director Roger Edwards served as lead broker for the deal.
“Durham is among a number of secondary markets in the South and the Sun Belt where the multifamily sector is thriving due to strong job growth and increasing migration to cities in the South and the Sun Belt,” said ACRE’s Head of Origination, Daniel Jacobs. “Austin Lawrence Partners is a highly-regarded developer and many of those positive indicators at One City Center – a first-of-its-kind luxury high-rise for downtown Durham that has already had success in leasing and claims strong office tenants such as Duke University. We are proud to provide this to an already successful project and contribute to its continued success, as well as the burgeoning growth of the entire Triangle region.”
Located at 110 Corcoran Street, One City Center is a Class-A, 28-story mixed-use tower featuring 109 market-rate apartments and 30 owner-occupied condominiums, which were 88.1 percent occupied as of the building’s opening in January 2021. The building, built and delivered by Austin Lawrence Partners in 2019, also includes 130,000 square feet of office space and 22,000 square feet of ground-floor retail owned by Armada Hoffler.
Residents at the community 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; 6th floor resident park with seating areas, grills and a fire pit; a private dog run; and secure parking via a dedicated 122-space garage.
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 both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $1 billion concentrated in U.S. multifamily with holdings in the United Kingdom and Southeast Asia through separate verticals. ACRE has offices in Atlanta, New York, and Singapore.
Austin Lawrence Partners (“ALP”) is a nationally recognized, privately owned real estate development firm with over 35 years of experience in real estate acquisition, development, property management, asset management, research, interior design, marketing and sales. ALP has developed a diverse portfolio of over 30 assets totaling over three million square feet, including more than 2,000 multi-family units, across the United States. While specializing in multi-family residential, ALP has experience in development across multiple 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.