Akridge Secures $367M Refinancing for The Stacks as TPG Replaces Bank OZK

Akridge and partners refinance the $367 million construction loan for The Stacks in D.C. as TPG Real Estate Credit Fund takes over from Bank OZK.

By: AXL Media

Published: Apr 28, 2026, 6:32 AM EDT

Source: RNZ Pacific

The Refinancing Transaction and Debt Transition

The refinancing deal involves the first completed phase of The Stacks, a prominent development located in the Buzzard Point neighborhood of Southwest D.C. According to District deed records filed on April 27, 2026, the TPG Real Estate Credit Opportunities Fund (TRECO) provided a $367 million debt instrument, effectively matching the principal amount of the previous construction loan. TPG, a San Francisco based alternative asset manager with over $303 billion in assets, utilized its specialized $2.1 billion debt fund to facilitate the transition.

While the specific terms of the new agreement were not publicly disclosed by Akridge or TPG, the move marks a significant shift from traditional bank lending to private credit. Bank OZK confirmed it received a full payoff of all principal and interest, signaling a clean exit for the regional lender as it looks to manage its overall real estate exposure.

Strategic Positioning in the Private Credit Market

The involvement of TPG’s TRECO fund highlights a growing trend where non bank lenders are stepping in to fill gaps left by traditional financial institutions. TPG CEO Jon Winkelried has previously noted that the current market cycle presents a "compelling opportunity" to invest in real estate credit, citing a contraction in available leverage from traditional banks. For Akridge and its partners National Real Estate Advisors, Blue Coast Capital, and Bridge Investment Group securing a long term partner like TPG provides financial stability for a project of this scale.

This deal demonstrates the "offensive" strategy TPG is employing with its recently closed $2.1 billion fund. By targeting high quality assets like The Stacks, which has already delivered over 1,000 residential units, private credit funds can secure attractive risk adjusted returns while traditional banks, such as Bank OZK, focus on reducing their concentration in commercial real estate loans.