The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 10, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



TEXAS/SOUTHWEST NEWS
Printer-friendly Version   Email an Associate
Residential Tower Project in Austin, TX Lands $88 Mil in Construction Funding

4/30/19

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 Austinís 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.






Return to the Archive page


 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media