ACRE offers $34m bridge loan for One City Center in North Carolina

WCN Editorial Team 10 Mar 2021 NORTH AMERICA BUILDINGS

Asia Capital Real Estate (ACRE) has agreed to provide a $34m bridge loan to Austin Lawrence Partners (ALP) for its high-rise development in Durham, North Carolina.

The real estate private equity firm has provided the funding through its latest debt fund “ACRE Credit”.

This funding will be used to refinance the existing debt related to the mixed-use community, named ‘One City Center’.

This 2-year agreement, which was executed in early March, has a loan-to-value ratio (LTV) of 66.4%, with options for two single-year extensions.

The project, located at 110 Corcoran Street, is a class-A, 28-story mixed-use tower, which comprises 109 market-rate apartments and 30 owner-occupied condominiums.

Approximately 88.1% of these apartments and condominiums were already occupied as of the building’s opening in January this year.

Built by Austin Lawrence Partners, the project also includes 130,000ft2 of office space and 22,000ft2 of ground-floor retail, which is owned by Armada Hoffler.

The community also features modern amenities, including a rooftop pool and hot tub with views of downtown Durham, rooftop lounge with kitchen, and advanced fitness centre.

It also includes a 6th floor resident park with seating areas, grills and a fire pit, a private dog run and secure parking through a dedicated 122-space garage.

ACRE Origination head Daniel Jacobs said: “Durham is among a number of secondary markets in the South and the Sun Belt where the multi-family sector is thriving due to strong job growth and increasing migration to cities in the South and the Sun Belt.

“Austin Lawrence Partners is a highly-regarded developer and many of those positive indicators at One City Center – a first-of-its-kind luxury high-rise for downtown Durham that has already had success in leasing and claims strong office tenants such as Duke University.”

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One City Center in Durham, North Carolina. (Credit: Business Wire.)

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