ACRE, a global real estate private equity firm, today announced it has finalized a $54.5 million loan with HHHunt Corporation (HHHunt), to support the newly-built multifamily community ‘Abberly Foundry,’ formerly known as ‘Alta Foundry,’ in Nashville, Tennessee.
Issued through ACRE’s debt fund “ACRE Credit I”, the loan will aid HHHunt’s purchase of the 231-unit community. Executed in October, the three-year agreement includes options for two single-year extensions.
Roger Edwards of JLL served as broker for the deal.
“Nashville has proven to be a resilient market in recent years, with low unemployment rates, an increase in corporate expansions to the area, and a rental market that continues to perform in terms of occupancy levels, new product delivery, and more,” said Sam Browne, Vice President of ACRE. “We’re proud to play a part in HHHunt’s acquisition of Abberly Foundry, and look forward to continuing this partnership and seeing the property reach its full potential under its new ownership.”
A regional real estate development, building, and management company, HHHunt owns and manages over 8,800 apartment homes in Virginia, Maryland, North Carolina, South Carolina, Tennessee, and Georgia.
Since its launch, ‘ACRE Credit I’ has raised $509 million of equity and has closed and committed to providing over $2 billion in loans across more than 50 transactions to support the acquisition, lease-up, redevelopment, and recapitalization of multifamily assets in growing secondary markets across the U.S. such as Miami and Orlando, Florida; Denver, Colorado; Durham, North Carolina; Charleston, South Carolina; and Dallas, Texas.
“ACRE remains steadfast in our mission to provide debt financing for rental housing developments across the country, and the agreement with HHHunt marks yet another exciting milestone for the company, “ said Browne. “We’re committed to supporting the multifamily industry through our fast-growing lending platform, and we’re honored to stand as a valuable, reliable partner to those continuing their efforts to improve the health of this industry from the inside out through acquisition, ground-up development, and more.”
Abberly Foundry, which was developed by Wood Partners and reached completion in 2022, is located at 640 21st Avenue North in Midtown Nashville. The community features a mix of studio, one-, and two-bedroom units, ranging in size from 582 square feet to over 1,200 square feet, across three residential buildings. As of October 2022, the property was 79 percent occupied.
The community offers residents an array of modern features, including quartz countertops, custom shaker-style cabinetry, designer pendant lighting, stainless steel appliances, spacious walk-in closets, hardwood-style plank flooring, private patios and balconies, and integrated smart home technology. Amenities include a rooftop Sky Lounge with panoramic views of downtown Nashville, electric vehicle charging stations, a pet spa and dog park, a co-working space, a 24/7 package room, and an art installation.
Abberly Foundry residents also enjoy convenient access to Nashville’s business, healthcare, technology, and higher education establishments, as well as an array of outdoor recreational areas such as Marathon Village, Watkins Park, and Centennial Park.