HHHunt (HHHunt Corporation) has secured a new financing from ACRE Credit I, the debt arm of a property investment corporate investment group, to finance the purchase of a 231-unit apartment complex.
Nashville’s newest apartment complex “Abberly Foundry,” originally named as “Alta Foundry,” has received funding from ACRE, a worldwide real estate corporate investment group, in the amount of $54.5 million.
The loan, provided by ACRE’s “ACRE Credit I” lending facility, will help HHHunt finance the acquisition of the 231-unit development. The contract, which was signed in October, is for a minimum of three years and may be extended twice for additional years each. Brokering this agreement for the firm was Roger Edwards of JLL.
What’s the project about?
Approximately 8,800 apartments throughout the United States are owned and managed by HHHunt, a local property development, construction, and administration corporation.
From its very inception, ‘ACRE Credit I’ had already secured and pledged to provide over $2 billion in financing throughout upwards of 50 exchanges to finance the acquisition, rental agreement, refurbishment, and restructurings of apartment complexes holdings in expanding secondary markets throughout the United States.
According to Browne, “the deal with HHHunt represents yet another exciting milestone for the firm” in ACRE’s “steadfast goal” to offer debt financing for rental housing projects throughout the nation. Our rapidly expanding financing platform is part of our dedication to the multifamily sector, and we are proud to be a dependable resource for individuals working to strengthen the market from the ground up via purchase, new construction, and other means.
About the construction
In 2022, construction wrapped up on Abberly Foundry, a Wood Partners-built residential and commercial complex in Nashville’s Midtown neighborhood at 640 21st Avenue North. Apartments in the society’s 3 locations range in size from 582 sq ft to more than 1,200 sq ft and may accommodate either a single person or a couple. In October of 2022, 79 percent of total of the units were inhabited.
The design
Quartz counters, handmade shaker-style cabinets, designer overhead lamps, stainless steel kitchen devices, large walk-in closets, hardwood-style panel floors, individual terraces and porches, and embedded intelligent home technology are just some of the contemporary amenities offered at the neighborhood. The topmost Sky Lounge offers breathtaking sights of downtown Nashville and has facilities like as electric car charging outlets, an animal salon and dog playground, a coworking area, a 24/7 gift area, as well as an exhibition.
Homeowners of Abberly Foundry have accessibility to all of Nashville’s commercial, medical, technological, and academic institutions, in addition to a wide variety of parks and green spaces, including Marathon Village, Watkins Park, with Centennial Park.
About ACRE
Through its operations in the primary stock and borrowing and lending marketplaces and its attention to specific situation possibilities, ACRE is a venture capital business that specializes in commercial assets and is vertically optimized. ACRE oversees a worldwide portfolio worth over $3.1 billion, including assets in the Great Britain and Southeast Asia achieved via distinct business lines. ACRE has locations on three different continents.
