Berkadia announces it has arranged bridge financing for the acquisition of Lotus Village, a 222-unit apartment community in Austin, Texas. Managing Director Brad Williamson of Berkadia Miami secured the financing on behalf of a buyer affiliated with One Real Estate Investment, a real estate investment firm based in Miami.
LoanCore originated the bridge loan along with additional funds to finance the sponsor’s capital improvements plan.
“Austin has had a variety of pull factors that have led to a number of new business relocations and in-migration to rise throughout the metro area,” said Williamson. “With companies like XR Masters and QSAM Biosciences Inc. having made the move, and announcements by Oracle and Tesla to also bring operations into the city, Austin’s multifamily market can be expected to create additional value for apartment operators. With almost 34,500 new residents moving in 2020 and demand easily outpacing supply so far this year, its fundamentals clearly provide favorable investment conditions.”
Built in 2012, Lotus Village is located at 300 Ferguson Drive. One-, two- and three-bedroom units include linen closets, hardwood floors, high speed internet access, washer/dryer and private balcony/patio. Community amenities feature a fitness center, clubhouse, business center, picnic area and a pet play area.
Located in north Austin, the community is located about five minutes away from Interstate 35, providing direct access into Downtown Austin. Nearby employers and institutions like The University of Texas and the Texas Capitol are approximately 15 minutes away, with recreational areas and parks along the Colorado River only about 20 minutes away from the property.