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4/21/22
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Pearlstone Partners has acquired a residential site in the East Riverside neighborhood of Austin, TX for the development of a 296-unit condominium project. The land purchase is being funded with a $7.14 mil loan provided by Knighthead Funding LLC.
The 2.73-acre property is situated within four miles of downtown Austin with nearby Interstate 35 offering easy access to the capital city’s employment centers, and the many surrounding restaurants, retail offerings, and cultural attractions.
Construction of the condominium project, which will also include street level retail, is expected to begin within the next eight months. Like Pearlstone’s previous projects financed by Knighthead, this development will target the middle-market buyer.
The 10-month, interest-only first mortgage financing was secured by 2500 Willow Dr, a 104.6k sf property southeast of downtown Austin. This is Pearlstone’s seventh transaction in the Austin area financed by Knighthead.
The fastest growing city in the country since the last U.S. Census, Austin has expanded by roughly 29% since 2010. The population boom, including a young, highly educated workforce, has attracted employers that have delivered high-paying jobs, fueling a growing need for quality housing in the market.
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