CINCINNATI, OH – Global real estate private equity and debt firm Asia Capital Real Estate (ACRE) has provided floating rate debt of $ 68.5 million to refinance City Club Apartments – CCA CBD Cincinnati. The loan, which was signed with an LTV ratio of 63.4%, has a term of two years and two extension options of one year.
The loan refinanced City Club Cincinnati, a mixed-use Class A property with 294 apartments and penthouses, CHF 31,928 office space and CHF 17,498 retail. The sponsor acquired the property in 2016 as a vacant office building and recently completed a repositioning of the asset into a mixed-use Class A shared apartment. CCA CBD Cincinnati is currently 90% apartment rent with 100% retail rental and 67% office occupancy.
"ACRE is excited to have a long-term relationship with City Club Apartments and believes that CCA CBD Cincinnati is a premier multi-family development in a market that is geared towards long-term growth," said Daniel Jacobs, Head of Origination, ACRE.
This transaction was brokered through Draper and Kramer of Chicago.
Asia Capital Real Estate manages capital for institutional investors through a range of private equity and debt funds with AUM in excess of $ 2.2 billion.
City Club Apartments The City Club Apartments, founded in 1919, are the first real international apartment brand. City Club Apartments is the owner, developer and manager of apartment, short-term and penthouse mixed-use communities with a portfolio of approximately 10,000 apartments in 30 urban and suburban communities, real estate assets of USD 2 billion and real estate assets of USD 750 million in development / Construction in Cincinnati, Detroit, Chicago, Pittsburgh, Minneapolis, Kansas City, Louisville and Cleveland with expansion planned for the east coast.
Source: Asia Capital Real Estate
