Trinity Street Capital Partners has secured a five-year $110 million bridge loan for a multifamily project in Austin, Texas. The no-amortization fixed-rate financing has a 106 percent loan-to-cost ratio.
The property is an 840-unit garden-style multifamily community, spread across a 29.1-acre North Austin campus and featuring 656 one-bedroom and 184 two-bedroom apartments. Located near Interstate 35 in North Austin, the community’s leasing office is located onsite. The identity of the owner could not be learned.
Now the 11th most populous city in the U.S., the Texas capital ranks as the Lone Star State’s fourth most populous city and is known for its art, music and cultural scenes. Residents of North Austin can easily access the city’s downtown via I-35.
The Austin-Round Rock metropolitan statistical area has a population of almost 2.3 million, according to the 2020 U.S. Census. That represented an approximately 84 percent increase from 2000. One of the biggest factors behind the population growth is the number of Fortune 500 employers that have located headquarters or regional offices in the area, including 3M, Advanced Micro Devices, Amazon, Apple, Meta, Google, IBM, Intel, NXP Semiconductors, Oracle, Tesla, Texas Instruments, Dell and Whole Foods Markets.
The metro is also home to the University of Texas at Austin, which has 50,000 students and other institutions of higher learning, including Concordia University Texas and Park University Austin. Last month, Pegasus Real Estate acquired an Austin multifamily community, The Wayman, from Avia Equities.
