Acre, a global real estate private equity firm, has closed two loans totaling $111 million with TerraCap Management LLC to support two multifamily properties in Pflugerville, Texas.
TerraCap is a commercial real estate investment manager focused on value-add real estate acquisitions in the South Atlantic, West Central South and West Mountain regions of the U.S. Issued through Acre’s debt fund, Acre Credit I, the loans look to aid in TerraCap’s purchase of The Dalton and The Beacon at Pfluger Farm, comprising 350 and 258 units, respectively. The Dalton was completed in 2021 and offers a range of one-, two- and three-bedroom rental units. The Beacon at Pfluger Farm, which was completed in 2022, also offers rental units ranging from one to three bedrooms. The three-year agreement includes options for two single-year extensions.
“We’re thrilled to announce the closing of these loans, which represent the inaugural partnership between ACRE and TerraCap,” states Lauren Villano, vice president, acquisitions and originations at Acre. “We look forward to continuing to invest alongside their firm and other respected industry leaders as we work to meet the demand for quality multifamily development in the U.S.”
Newmark served as debt broker for the deal.