Trending...
- Local Interior House Painter in Denver, CO
- Colorado: Governor Polis: With New Tariffs, Trump Raises Costs for Americans, Hurts Allies
- Robin Launches Legal Intelligence Platform to solve intelligence gap in Fortune 500 legal teams
Download
The 150-unit "Connect at First Creek" development in Denver, Colorado. (Photo: Business Wire)
DENVER--(BUSINESS WIRE)--ACRE, a global real estate private equity firm, today announced it has finalized a $43.5 million bridge loan with Peak Capital Partners ("Peak Capital"), to support the luxury multifamily apartment community 'Connect at First Creek' in Denver, Colorado.
More on Colorado Desk
Issued through ACRE's latest debt fund "ACRE Credit I", the loan will support Peak Capital's purchase of the 150-unit community. Executed in May, the 3-year agreement includes options for two single-year extensions.
Brian Caudel and Jack Tidrick at KeyBank Real Estate Capital served as brokers for the deal.
"Denver has continued to add huge numbers of both jobs and residents over recent years, making it one of the country's fastest-growing metro areas and creating a critical need for high-quality rental housing," said Daniel Jacobs, Managing Partner at ACRE. "Connect at First Creek has already enjoyed impressive success in helping to satisfy that robust demand, and we're proud to play a role in supporting Peak Capital's purchase of this first-class property."
The agreement for Connect at First Creek was one of four loans, totaling approximately $169 million, issued via 'ACRE Credit I' in May alone. Other loans finalized during the month were issued in support of multifamily developments in Nashville, Tennessee; Fort Worth, Texas; and Fredericksburg, Virginia.
The loan also represents the third issued to Peak Capital since ACRE Credit 1's launch in August 2020, following two transactions for properties in the Atlanta metropolitan area.
To date, the fund has raised $509 million of equity and has committed to provide more than $2 billion in whole loans across 52 transactions to support the acquisition, lease-up, redevelopment and recapitalization of multifamily assets in growing secondary markets across the U.S.
"Our lending platform has been able to provide financing for a fast-expanding list of apartment developments across a wide variety of markets, as we continue to form and solidify partnerships with industry leaders like Peak Capital Partners," said Jacobs. "May marked yet another productive month for 'ACRE Credit I', and we look forward to continuing to support other companies and the country's rental housing sector at-large, as it experiences nearly unprecedented growth."
More on Colorado Desk
Located at 17900 East 56th Avenue, Connect at First Creek was built and delivered by Massimino Development. Since opening in 2020, the community has enjoyed significant lease-up success, as it is currently 96 percent leased.
The development's 150 luxury units feature a wide range of amenities, with in-unit features and finishes including stainless steel kitchen appliances, quartz countertops, Bluetooth keyless deadbolt locks, wood-style flooring, washer/dryer, walk-in closets, and private balcony/patio space. Community amenities include a resort-style swimming pool, fitness center, clubhouse, open air dining spaces with stainless steel BBQ grills, game room with billiards, coworking and conference spaces, a half-acre dedicated park, and direct access to First Creek Trail.
Connect at First Creek is located just a short distance from Pena Boulevard, Interstate 70, Interstate 225 and the 61st & Pena Light Rail station, offering residents an easy trip to Downtown Denver, Denver International Airport, and Aurora. The property is also adjacent to Rocky Mountain Arsenal National Wildlife Refuge, a 15,988-acre wildlife sanctuary.
About ACRE
ACRE is a vertically integrated private equity firm specializing in commercial real estate through active investments in both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $3.1 billion concentrated in U.S. multifamily with holdings in the United Kingdom and Southeast Asia through separate verticals. ACRE has offices in Atlanta, New York, and Singapore.
Contacts
Media:
Wes Johnson
Antenna | Spaces
(773) 453-7432
wesley.johnson@antennagroup.com
0) { // Create container for hi-res image jQuery('#bw-release-hires').append('
'); }; }); ]]>
Contacts
Media:
Wes Johnson
Antenna | Spaces
(773) 453-7432
wesley.johnson@antennagroup.com
The 150-unit "Connect at First Creek" development in Denver, Colorado. (Photo: Business Wire)
- The 150-unit "Connect at First Creek" development in Denver, Colorado. (Photo: Business Wire)
DENVER--(BUSINESS WIRE)--ACRE, a global real estate private equity firm, today announced it has finalized a $43.5 million bridge loan with Peak Capital Partners ("Peak Capital"), to support the luxury multifamily apartment community 'Connect at First Creek' in Denver, Colorado.
More on Colorado Desk
- Colorado Springs: Northbound Tejon Street to reopen on block downtown
- City of Colorado Springs, El Paso County invite public to open houses for Housing Needs Assessment
- Colorado Springs: Did you know? — Evergreen Cemetery's Roses
- The Blue Luna Encourages Local Schools to Take Steps to Enhance Safety for Students and Staff
- The Sessions Studios Secures $300 Million Commitment to Launch World-Class Studio and 15-Film Global Slate
Issued through ACRE's latest debt fund "ACRE Credit I", the loan will support Peak Capital's purchase of the 150-unit community. Executed in May, the 3-year agreement includes options for two single-year extensions.
Brian Caudel and Jack Tidrick at KeyBank Real Estate Capital served as brokers for the deal.
"Denver has continued to add huge numbers of both jobs and residents over recent years, making it one of the country's fastest-growing metro areas and creating a critical need for high-quality rental housing," said Daniel Jacobs, Managing Partner at ACRE. "Connect at First Creek has already enjoyed impressive success in helping to satisfy that robust demand, and we're proud to play a role in supporting Peak Capital's purchase of this first-class property."
The agreement for Connect at First Creek was one of four loans, totaling approximately $169 million, issued via 'ACRE Credit I' in May alone. Other loans finalized during the month were issued in support of multifamily developments in Nashville, Tennessee; Fort Worth, Texas; and Fredericksburg, Virginia.
The loan also represents the third issued to Peak Capital since ACRE Credit 1's launch in August 2020, following two transactions for properties in the Atlanta metropolitan area.
To date, the fund has raised $509 million of equity and has committed to provide more than $2 billion in whole loans across 52 transactions to support the acquisition, lease-up, redevelopment and recapitalization of multifamily assets in growing secondary markets across the U.S.
"Our lending platform has been able to provide financing for a fast-expanding list of apartment developments across a wide variety of markets, as we continue to form and solidify partnerships with industry leaders like Peak Capital Partners," said Jacobs. "May marked yet another productive month for 'ACRE Credit I', and we look forward to continuing to support other companies and the country's rental housing sector at-large, as it experiences nearly unprecedented growth."
More on Colorado Desk
- Smart Resnse Unveils Smart Resnse(SRMS) Token-Powered AI Orchestration Platform to Revolutionize Multi-Billion Dollar Market
- Josh and Heidi Follow Up the Much Anticipated and Successful Launch of the "Spreading the Good BUZZ" Podcast with a Personal Request
- Revolutionary Blockchain Platform Okh Finance Announces Okh Finance(OKKH) Token Launch to Transform Global Asset Leasing Market
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
- Faex Health Unveils AI Powered Fiber and Supplement Detection for Smarter Gut Health Insights
Located at 17900 East 56th Avenue, Connect at First Creek was built and delivered by Massimino Development. Since opening in 2020, the community has enjoyed significant lease-up success, as it is currently 96 percent leased.
The development's 150 luxury units feature a wide range of amenities, with in-unit features and finishes including stainless steel kitchen appliances, quartz countertops, Bluetooth keyless deadbolt locks, wood-style flooring, washer/dryer, walk-in closets, and private balcony/patio space. Community amenities include a resort-style swimming pool, fitness center, clubhouse, open air dining spaces with stainless steel BBQ grills, game room with billiards, coworking and conference spaces, a half-acre dedicated park, and direct access to First Creek Trail.
Connect at First Creek is located just a short distance from Pena Boulevard, Interstate 70, Interstate 225 and the 61st & Pena Light Rail station, offering residents an easy trip to Downtown Denver, Denver International Airport, and Aurora. The property is also adjacent to Rocky Mountain Arsenal National Wildlife Refuge, a 15,988-acre wildlife sanctuary.
About ACRE
ACRE is a vertically integrated private equity firm specializing in commercial real estate through active investments in both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $3.1 billion concentrated in U.S. multifamily with holdings in the United Kingdom and Southeast Asia through separate verticals. ACRE has offices in Atlanta, New York, and Singapore.
Contacts
Media:
Wes Johnson
Antenna | Spaces
(773) 453-7432
wesley.johnson@antennagroup.com
0) { // Create container for hi-res image jQuery('#bw-release-hires').append('
'); }; }); ]]>
Contacts
Media:
Wes Johnson
Antenna | Spaces
(773) 453-7432
wesley.johnson@antennagroup.com
Filed Under: Business
0 Comments
Latest on Colorado Desk
- Centennial Flyers to Become Colorado's First Launch Customer for All-Electric B23 Energic Aircraft
- Pyro Marketing Opens New Digital Marketing Company to Power Growth for Fitness and Ecommerce Brands
- Dr. John Salerno of Salerno Wellness Introduces Their New Full Body Capsule for Advanced LED Light Therapy Patient Treatments
- Ally Solutions Gains Momentum as the Most Affordable AI Front Desk for Small Businesses
- Governor Polis Highlights Colorado's Expansion of Opportunities in STEM Education and Health Care
- Governor Polis, Colorado Education Leaders: Trump's Cuts to Education Funding Hurts Colorado Students, Teachers, and Future Workforce
- $14M Expansion Deal with Famed David Lloyd Highlights Rebrand of Sports, Entertainment and Gaming Innovation by AI Driven, Online Fan Engagement Co
- Heartfelt Dreams Foundation Launches Campaign to Build CHD Hospital
- Radarsign Tackles Intersection Safety with Launch of Grid-Free Solar LED Stop Sign
- Don't Let Roaches Take Over: Why Cockroaches Are Thriving in Denver Homes
- Miami Real Estate Agent Drastically Increases Interest In Homes
- Adostics & Genmega Announce the Introduction of A-POD
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber
- City Council invites community engagement: Volunteer for Colorado Springs Boards, Commissions, and Committees
- Colorado Springs: Summer Sunrise Openings on Pikes Peak – America's Mountain
- Colorado Springs: Phil Long Dealerships donates $10,000 to City's Keep It Clean COS initiative
- Transformance Advisors Proudly Announces 128 Newly Certified Lean Practitioners
- Heritage at South Brunswick Offers Immediate Townhome Appointments and Special Mortgage Incentive Fast-Moving Sales
- Colorado Springs: A Renewed Promise: Mayor Yemi's Fourth of July letter to the community
- Quarterly Pest Control Services in Colorado Springs