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4/30/19
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Austin-based Pearlstone Partners and Miami-based Newgard Development have secured an $87.9 mil loan for construction of 48 East Avenue, a 249-unit, 30-story condominium project being developed in Austin’s Rainey District. The 75% LTC, non-recourse financing was arranged by Highland Realty Capital.
The construction loan was provided by a private REIT. The financing will enable the project, which will accommodate young professionals and families interested in owning a residence in downtown Austin, to commence construction by the end of the June.
This is the latest development in the Rainey District, which has seen significant transaction and development activity in the past few years. The property is located on East Avenue, a highly desirable area located between the Rainey Street Entertainment District and Lady Bird Lake.
Robert Lee, founding principal of Pearlstone, acquired the 18k sf parcel in 2015. In addition to arranging the financing, Highland was involved in sourcing Newgard to venture on the $120 mil project as a development partner after Pearlstone received its development approvals in late 2018.
Mike Guterman of Highland Realty Capital and John Ghiselli of Waterloo Real Estate Group handled the financing for the venture. This is the second Austin transaction for the Los Angeles-based financing group and Pearlstone, having secured a land loan/construction loan for Axiom East, an upcoming 54-unit development at 7th and Webberville in the East I-35 corridor.
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