Asia Capital Real Estate (ACRE) Provides TTI Capital, Viking Companies with $41M Bridge Loan for Luxury Development in Davenport, Florida
Asia Capital Real Estate (ACRE), a global real estate private equity firm, today announced it has finalized a $41.75 million bridge loan with joint venture TTI Companies and Viking Companies, to acquire the luxury apartment community 'Verso' in Davenport, Florida.
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The 250-unit 'Verso' luxury apartment development in Davenport, Florida. (Photo: Business Wire)
The loan, issued through ACRE's latest debt fund "ACRE Credit", will support the joint venture's purchase of the 250-unit community. Executed in mid-March, the two-year agreement carries a loan-to-value ratio (LTV) of 70.2 percent, with options for two single-year extensions.
Berkadia Managing Director Jason Brown served as lead broker for the deal.
"Davenport and the broader Orlando region has been attracting new jobs and residents for many years, and is now benefitting from migration patterns that are driving workers to Florida and the rest of the Southeast," said ACRE Head of Origination, Daniel Jacobs. "Verso is a well-designed community that has already performed extremely well under advere conditions brought on by the pandemic. The development stands to benefit even further from accelerated demand from professionals in high growth industries such as technology, healthcare and logistics - all of which are booming across Central Florida. We're proud to partner with successful and reputable companies in TTI Capital and Viking Companies, and are confident this loan will mark the start of a long-term strategic partnership with both firms."
Located at 6100 Echelon Way, Verso is adjacent to Davenport's Ovation Town Center, which offers residents easy access to a Publix supermarket, Anytime Fitness and a variety of other retail destinations. Verso also benefits from Central Florida's strong employment market, fueled by the blue-chip US 27 Logistics Corridor, which supplies thousands of jobs with companies including Amazon, Walmart, FedEx, UPS, Ford (News - Alert) and CVS to the immediate area.
Verso was built and delivered by Garrett Companies in mid-2020. The community is currently 94 percent occupied and 97 percent leased, having maintained its target rents with minimal concessions despite the COVID-19 pandemic.
The development's 250 luxury units feature a variety of modern finishes, including high ceilings; curved archways; quartz countertops; stainless steel appliances; NEST thermostats; walk-in closets; electronic keyless entry; built-in USB charging ports; walk-in showers; full-size washers and dryers; and backyard balconies.
Community amenities include a clubhouse; resort-style swimming pool with a sun-shelf and private cabanas; a spa; an outdoor kitchen and grill area with fire pits; a game room; a full circuit fitness center featuring yoga and an on-demand fitness studio; a guest suite rental; and a coffee bar and pet park.
TTI Capital is a real estate investment and private equity firm strategically focused on investments in middle market companies and commercial real estate properties. Headquartered in Washington, D.C., the company's portfolio of real estate holdings is concentrated in the Southeast and Texas.
Located in Gainesville, Florida, Viking Companies is a real estate investment firm with a focus on creating lasting community environments. The company's portfolio includes multifamily and student housing assets, as well as mixed-income office and retail. Viking Companies currently has multiple deals under contract through their partnership with TTI Capital.
Asia Capital Real Estate ("ACRE") is a vertically integrated private equity firm specializing in commercial real estate through active investments in both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $1 billion concentrated in U.S. multifamily with holdings in the United Kingdom and Southeast Asia through separate verticals. ACRE has offices in Atlanta, New York, and Singapore.