Acore Capital Supplies $89M Refi for Northern Virginia Townhomes

Co-developers American Real Estate Partners and GreenBarn Investment Group along with investment partner Rithm Capital has landed an $89.2 million loan to refinance a newly completed build-to-rent multifamily asset in northern Virginia, Commercial Observer has learned.

Acore Capital provided the three-year loan with two one-year extension options for the sponsorship’s CityHouse Ashburn Station, a 200-unit townhome property in Ashburn, Va. 

The deal closed April 24. 

“This opportunity checked all the boxes for Acore with the property being a high-quality, newly built multifamily product in a market with strong demographics,” Eric Ramirez, the lender’s head of eastern region originations, said in a statement. “The property is well positioned for continued success, and we are excited to be part of the next phase of the sponsorship’s business plan.”

Newmark (NMRK)’s Joe Donato arranged the transaction out of the brokerage firm’s Washington D.C office.  

Located at 43809 Anhinga Terrace in Virginia’s Loudon County, the CityHouse development consists of a build-to-rent community comprising 15 buildings. Property amenities include a dog park, a picnic pavilion, walking trails and multipurpose courts.

“The goal was to refinance our original construction loan to achieve a lower debt service,” Mark Taylor, managing director, residential at American Real Estate Partners, said in a statement. “We received high interest in the offering, underscoring the strong demand for luxury build-to-rent homes in Loudoun County and showcasing confidence in the project.”

Representatives of Rithm Capital and GreenBarn Investment Group declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com