ACRE has finalized two loans totaling $111 million with TerraCap Management to support two multifamily properties in Pflugerville, TX. 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.
