MIAMI – Wood Partners has received a $ 86.3 million refinancing loan from global real estate private equity and debt firm Asia Capital Real Estate to refinance Yard 8.
The first mortgage loan has a 57.5% LTV and will be used by Wood Partners to fund the asset on a permanent basis. This transaction was sourced from ACRE outside of the market.
Yard 8 is located at 2901 NE 1st Ave. and is a newly built, 387-unit, mixed-use rental property developed by Wood Partners and delivered in May 2019. It is currently 83% occupied and is expected to stabilize in the short term.
According to Daniel Jacobs, head of creation at ACRE, ACRE is looking at a number of ways to partner with Wood Partners on both the private equity and credit side of its platform.
Asia Capital Real Estate manages capital for institutional investors through a range of private equity and debt funds with an AUM of more than $ 2.2 billion. Wood Partners is a national real estate company that acquires, develops, builds and manages multi-family communities. The company currently owns 70 properties in the US with a total of more than 19,000 homes.