$55M refinancing arranged for newly constructed multifamily community in Austin
JLL Capital Markets secured loan for Urban East, a class A multi-family community in Texas
AUSTIN, Oct. 15, 2024 – JLL Capital Markets announced today that it has secured a $55 million loan for Urban East, a newly constructed, 381-unit, Class A multi-housing community in Austin, Texas.
JLL worked on behalf of the ownership team which includes Battery Global Advisors, Housing Authority of the City of Austin, River City Capital Partners and LDG Development to facilitate the floating-rate loan through Goldman Sachs Alternatives.
Located at 6400 E Riverside Dr., Urban East offers convenient access to Downtown Austin, the University of Texas and the Austin-Bergstrom International Airport. Residents of the complex can enjoy nearby retail and entertainment options as well as close proximity to large employment centers.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Kyle Spencer and Senior Director Dan Kearns.
"This transaction not only highlights the strong investor confidence in Austin's multifamily market but also underscores the resilience of the market despite the significant increase in new units,” said Spencer. “The continued occupancy rates and the rising demand for well-located, high-quality assets like Urban East showcase the lasting appeal of Austin's Class A multifamily sector."
“The combination of a premier development and ownership team along with best-in-class property management made this an even more compelling financing opportunity,” added Kearns.
Urban East is a newly constructed apartment community that offers modern, open-concept floor plans in a mix of studios, one-, two- and three-bedroom units. Each unit features a large walk-in closet, stainless steel appliances, hardwood-like vinyl floors and a balcony. Residents can enjoy community amenities such as a high-tech fitness center, a game room, a bowling alley, two resort-style pools, a rooftop lounge and electric charging stations.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About BGA
Battery Global Advisors (“BGA”) provides customized wealth management solutions within an institutional family office framework. Between the families they advise and the private funds they offer, BGA manages over $4 billion of assets for sophisticated investors around the world. BGA invests opportunistically in real estate and has deployed over $370M of equity capital in Opportunity Zone projects and currently has over $710M in equity capital invested across a diversified portfolio of real estate projects. bga.com
About Housing Authority of the City of Austin (HACA)
Established in 1937, the Housing Authority of the City of Austin (HACA) is an independent public unit separate from the City of Austin and responsible to an autonomous Board of Commissioners. HACA frequently works in partnership with civic and community groups to meet the needs of low-income families, seniors, persons with disabilities, and persons experiencing homelessness. HACA’s mission is to cultivate sustainable, affordable housing communities and partnerships that inspire self-reliance, growth, and optimism. HACA envisions neighborhoods where poverty is alleviated, residents are healthy and safe, and all people have the opportunity to achieve their full potential. hacanet.org
About River City Capital Partners
Founded in 2014, River City Capital Partners is an Austin-based investment firm that focuses on opportunistic investments across the United States. The company specializes in urban in-fill residential developments and innovative multi-family/mixed-use projects, as well as master development of large land acreage in Austin, Texas. With a product-agnostic approach, River City places great emphasis on the surrounding environment and the broader community in order to create cohesive and successful developments that deliver value to their investors, community and tenants. rivercityus.com
About LDG Development
Originally founded in1994, LDG has focused on developing rental housing as well as affordable housing communities since 2002. LDG has developed over 25,000 units of affordable housing for working families and seniors in dozens of communities located in eight states including Kentucky, Texas, Louisiana, Tennessee and Georgia. To support its work and continued growth, LDG has four main divisions all focused on maximizing returns and maintaining the high-quality standards of each community long after construction has ended. LDG prides itself in being a part of the communities it serves and has more than 200 employees in its offices located in Kentucky, Texas, Nashville and Atlanta. ldgdevelopment.com
About the Urban Investment Group (UIG) at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.9 trillion in assets under supervision globally as of June 30, 2024. Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $10 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families. Follow on LinkedIn.