JLL Capital Markets announced that it has secured a $55 million loan for Urban East, a newly constructed, 381-unit, Class A multifamily 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.
“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.
