ACRE Provides $78.5M Bridge Loan for Final-Phase Construction of Detroit City Club Apartments
DETROIT — Asia Capital Real Estate (ACRE) has provided a $78.5 million bridge loan to City Club Apartments (CCA) for the developer’s multifamily project in Detroit. The loan, provided through ACRE’s latest debt fund, will fund the final phase of construction on the six-story, 288-unit development in the city’s central business district.
Located at 1501 Washington Blvd., Detroit City Club Apartments is currently 95 percent complete. Residents are expected to begin taking occupancy as early as December with 40 percent of the units pre-leased.
“Detroit’s downtown has been growing rapidly in recent years and is showing strong fundamentals that support precisely this kind of luxury multifamily development,” says Daniel Jacobs, ACRE’s head of origination.
The project includes 11,291 square feet of retail space. Two tenants, Premier Pet Supply and French-American restaurant Statler Bistro, have already secured leases for the retail portion.
Amenities for the apartments include a fitness center, business center, clubroom, pool with hot tub, outdoor movie theater, event space and underground valet parking. The luxury, Class A project also includes duplex and townhome units. Monthly rents start around $1,210.
Based in Detroit, CCA specializes in the development and management of apartment communities throughout the Midwest and East Coast. Its portfolio includes 30 properties worth over $2 billion across seven states.
ACRE is a real estate private equity firm. It manages a global portfolio in excess of $1 billion concentrated in the U.S. multifamily sector with holdings in the United Kingdom and Southeast Asia. The firm has offices in Atlanta, New York and Singapore.
This loan is the second loan that ACRE and CCA have agreed to in recent months, following a $68.5 million refinancing for CCA’s 294-unit apartment property in Cincinnati that was finalized in August.
— Kristin Hiller