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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Located in the suburbs of Austin, Pflugerville is home to an array of public and private schools, golf courses and country clubs, restaurants, and marinas. With convenient access to State Highways 130 and 45, residents enjoy an easy commute to Downtown Austin.
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