60-unit Multifamily Development - Austin, TX
$12,350,000 loan arranged by PlattPointe Capital.
AUSTIN, TEXAS –PlattPointe Capital recently arranged $12.35M in construction financing for the development of a 60-unit “micro” apartment building located at the vibrant intersection of 6th and Chicon in East Austin – the hottest urban neighborhood in the fastest growing city in the United States.
Located within walking distance of Tesla’s recently announced new headquarters, the project will be a newly constructed, fully furnished luxury community in the heart of a robust network of restaurants/bars, Whole Foods, Target, and immediate light rail access.
This is PlattPointe Capital’s first closing in Austin, and we are looking forward to doing many more as Texas has become one of the most attractive hubs for technology, with numerous companies relocating their HQs from Silicon Valley, NYC and others. PlattPointe Capital was able to arrange private financing at 70% LTV of the stabilized value (83% LTC), at an 8% rate with a 24-month term and a completion guarantee.
PlattPointe Capital LLC is a boutique commercial real estate capital advisory firm that helps developers and investors navigate the capital markets by arranging optimal alternative debt and equity options for a client’s project. Our vision is to engineer the most efficient capital stack based on the constraints of a given project and sponsor’s needs.
More information can be found at www.plattpointe.com.
For any inquiries nationwide, please contact:
Steve Scrivener | 719.287.7427 | firstname.lastname@example.org
TRANSACTION BY THE NUMBERS
Units For Rent
Loan to Cost (LTC)