AUSTIN, Texas--(BUSINESS WIRE)--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.
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 and Bevi sparkling and flavored water dispenser; self-serve wine membership; electric vehicle (EV) chargers; attached and detached garages; and a gated community entrance.
The Beacon at Pfluger Farm, which was completed in 2022, is located at 1300 Rauscher Drive and offers a selection of rental units ranging from one to three bedrooms. Within each unit, residents will find open-concept floor plans with hardwood-inspired flooring; upscale custom fixtures and cabinetry; stainless steel appliances; granite countertops; dishwashers; and walk-in closets.
Amenities include a resort-style pool; sunning deck with lounge seating; outdoor gathering area with fireplaces and BBQ stations; fitness studio and cycling room; WiFi-enabled coworking club; and a luxe clubhouse with shuffleboard and billiards. The community also offers pet-friendly units and pet-oriented amenities such as a dog park and washing area. In addition to a gated entrance, residents also have access to standard and EV-compatible garage parking options.
Located in the suburbs of Austin, Pflugerville is home to an array of public and private schools, golf courses and country clubs, restaurants, and marinas. With convenient access to State Highways 130 and 45, residents enjoy an easy commute to Downtown Austin.
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 $3.1 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.