Fundraising - JULY 29, 2021

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Asia Capital Real Estate raises $325m for ACRE Credit I fund

by Kali Persall

Asia Capital Real Estate (ACRE) has closed its fourth fund, ACRE Credit I, with more than $325 million of commitments.

ACRE Credit I opened to investors in the first quarter of 2020 and exceeded its $300 million target. The fund provides first-mortgage bridge loans, mezzanine loans and preferred equity to multifamily owner-operators secured by institutional-grade real estate across the United States.

“The success of our first direct lending fund comes as a result of ACRE’s widely recognized ability to understand the market and identify opportunities to deploy capital into credit investments secured by strong, incoming-producing multifamily assets,” said Les Menkes, founding partner of ACRE.

To date, ACRE Credit I has committed to provide more than $700 million whole loans across 17 transactions. These loans are meant to support the acquisition, lease-up, redevelopment and recapitalization of multifamily assets in growing secondary markets such as Miami; Du

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