Wood Partners Secures $86M Refi for Miami’s Yard 8
This transaction was sourced off-market by Asia Capital Real Estate.
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.
ACRE is exploring a number of avenues in which to work with Wood Partners on both the private equity and credit side of its platform, according to Daniel Jacobs, head of origination of ACRE.
Asia Capital Real Estate manages capital for institutional investors through a series of private equity and debt funds with AUM exceeding $2.2 billion. Wood Partners is a national real estate company that acquires, develops, constructs and manages multifamily communities. The company currently owns 70 properties across the US with a combined total of more than 19,000 homes.