Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged debt and equity to recapitalize The Conley, a 259-unit apartment community located in the Austin, Texas suburb of Leander.
Managing Director Scott Wadler and Senior Director Matt Nihan, along with Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matt Robbins, arranged the financing on behalf of the sponsors, a joint venture between Beacon Real Estate Group and Constellation Group, both of Coral Gables, Miami.
Lender Lasalle provided a loan with a three-year term and two 12-month extension options. A Los Angeles-based preferred equity partner also contributed capital to the deal, which closed on July 30. The property is fully stabilized.
“Despite a volatile rate environment and challenging Austin market fundamentals, Berkadia was able to arrange a collaborative and creatively structured senior debt and preferred equity capital stack to refinance the existing mortgage on the property,” said Wadler.
Built in 2020 at 665 N. Bagdad Road, The Conley offers thoughtfully designed one-, two-, and three-bedroom apartments featuring modern living spaces with 10-foot ceilings, high-end appliances and stylish finishes.
Leander is a charming suburb approximately 40 minutes north of downtown Austin. The property offers residents convenient access to the town’s new downtown district, the Northline, featuring premium shopping and dining destinations, as well as nearby parks and recreation areas like Brushy Creek Lake Park and Devine Lake Park.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
