NEW YORK, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Global real estate private equity and debt firm Asia Capital Real Estate (ACRE) has provided $68.5 million of floating-rate debt for the refinance of City Club Apartments – CCA CBD Cincinnati. The loan, which was underwritten with a LTV ratio of 63.4%, has a two-year term and two single-year extension options.
The loan refinanced City Club Cincinnati, a Class-A mixed-use property comprising 294 apartments and penthouses, 31,928 SF of office space and 17,498 SF of retail. The sponsor acquired the property in 2016 as a vacant office building and recently completed a repositioning of the asset into a Class A mixed-use apartment community. CCA CBD Cincinnati is currently 90% leased on the multifamily units, with the retail 100 percent leased and the office 67 percent occupied.
“ACRE is very excited to form a long-term relationship with City Club Apartments and believes that CCA CBD Cincinnati represents a best-in-class multifamily development in a market poised for long term growth,” said Daniel Jacobs, Head of Origination of ACRE.
This transaction was brokered through Draper and Kramer out of Chicago.
Asia Capital Real Estate (ACRE) manages capital for institutional investors through a series of private equity and debt funds with AUM exceeding $2.2 billion. ACRE’s strategies focus on direct real estate equity and credit investments and are concentrated in the United States with additional properties currently in development in Southeast Asia and the United Kingdom. ACRE has acquired, operated, developed and made loans on over 22,000 apartments across 75 properties and 31 cities. ACRE Credit is a newly capitalized debt fund providing institutional financing to best in class multifamily owner operators.
City Club Apartments Founded in 1919, City Club Apartments is the first true international apartment brand. City Club Apartments is an owner, developer and manager of apartment, furnished short-term and penthouse mixed-use communities with a portfolio of approximately 10,000 apartments in 30 urban and suburban-urban apartment communities, $2 billion in real estate assets and $750 million under development/construction in Cincinnati, Detroit, Chicago, Pittsburgh, Minneapolis, Kansas City, Louisville and Cleveland with expansion planned for the East Coast. City Club Apartments has five guiding principles that include customer centric; design driven; unparalleled amenities; green and social responsibility; and leading technology. The company has offices in Detroit, Chicago and Toronto. For more information visit: cityclubapartments.com
ACRE contact:
Daniel Jacobs
Head of Origination
daniel@acremgt.com
212-266-6922
Press contact:
Greg McGunagle
President, Transmitter
gmcgunagle@transmitterpr.com
212-967-1449
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea07aef8-d50f-4492-a20c-0b66c02b9a1d