MIAMI—Wood Partners has secured a $86.3 million refinance loan from the global real estate private equity and debt firm Asia Capital Real Estate for the refinancing of Yard 8 here.
The first mortgage loan has an LTV of 57.5% and will be used by Wood Partners to place permanent financing on the asset. This transaction was sourced off-market by ACRE.
Located at 2901 NE 1st Ave., Yard 8 is a newly constructed mixed-use 387-unit rental property that was developed by Wood Partners and delivered in May 2019. It is currently 83% occupied and is expected to stabilize in the near-term.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
