Rastegar, the real estate investment and development company based in Austin, Texas, has closed a $31.7 million loan to finance the construction of the first phase of Infinity Square, its 318-acre master-planned community project located at 700 & 800 Bunton Lane in Kyle.
Trez Capital, a leading investment manager and provider of innovative and opportunistic financing for commercial real estate throughout North America, provided the loan, which will finance the construction of the initial 329 single-family lots.
CastleRock Communities and Brightland Homes, two distinguished national US residential homebuilders, will acquire the first phase of lots and spearhead the construction of the single-family units.
Infinity Square is situated on the east side of Interstate 35 and is 21 miles south of Austin. It will feature almost 1,000 single-family lots, 1,400 multifamily units as well as 185,000 square feet of commercial space that includes retail, leisure spaces, an amenity center and an 11-acre elementary school, all centered around a town square.
The site will include 61 acres of green space for parks and trails as well as a connection to the city of Kyle’s city-wide trail system The Vybe, a planned 80-mile paved path connecting all the city’s neighborhoods to business, recreation, and entertainment destinations.
“In a challenging landscape, we are excited to have closed this funding deal, which will provide a major capital injection allowing us to activate our ambitious plans to construct the first phase of Infinity Square,” said Ari Rastegar, CEO of Rastegar. “Since acquiring the site in two parts in 2019 and 2021, Rastegar has been working hard to create the infrastructure of the project and we’re thrilled to partner with Trez Capital to help fund this next milestone. This loan plays a critical role in constructing over 300 homes, the first step in establishing a vibrant community for Kyle which is seeing significant growth and demand for housing.”
“At Trez Capital, we are focused on investing in high-quality assets and sectors that offer significant growth potential, and in today’s market the role of private capital is more essential than ever in order to finance top caliber development projects,” said John Hutchinson, Co-Chief Executive Officer & global head of origination at Trez Capital. “Rastegar has an established reputation as a leading developer in Texas, and we are delighted to partner with them on Infinity Square, providing an innovative financing solution to meet the needs of the fast-growth housing market in the Austin-Round Rock MSA.”
Rastegar is focused on creating a real estate portfolio that establishes thriving communities and delivers long-term returns for investors. It currently has nine projects in Texas and Arizona totaling over 5.6 million square feet and $1.5 billion including Infinity Park, the 600,000 square foot industrial park in Del Valle; Infinity Square, the 318-acre master-planned community in Kyle; 1899 McKinney, a luxury residential building in Uptown Dallas; and South Congress, a multifamily development on the most iconic street in Austin.
