ACRE has finalized two loans totaling $111 million with TerraCap Management to support two multifamily properties in Pflugerville, TX. Issued through ACRE's debt fund 'ACRE Credit I,' the loans will aid in TerraCap's purchase of newly-built properties 'The Dalton' and 'The Beacon at Pfluger Farm', comprising 350 and 258 units, respectively. Executed in January, the three-year agreement includes options for two single-year extensions.
Newmark's Matthew Williams and Kyle Schlitt served as debt brokers for the deal.
Located at 2209 West Pflugerville Parkway, The Dalton was completed in 2021 and features a range of one-, two-, and three-bedroom rental units. The Beacon at Pfluger Farm, which was completed in 2022, is located at 1300 Rauscher Drive and offers a selection of rental units ranging from one to three bedrooms.
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