Newmark announces the Company has arranged the sale and financing of The Alden at Cedar Park, a 349-unit core mid-rise multifamily asset in the fast-growing Cedar Park suburb northwest of Austin, Texas.
Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director
Andrew Dickson represented the undisclosed seller in the transaction. Executive Vice Chairman Mitch Clarfield and Director Alec Newman of Newmark’s Multifamily Capital Markets Debt & Structured Finance Group secured the debt financing from Fannie Mae on behalf of the buyer.
“The Alden at Cedar Park represented a fantastic opportunity to acquire a highly-amenitized mid-rise with luxury finishes in Cedar Park, one of the area’s fastest-growing affluent cities,” said Jones. “With an outstanding location within a developing live/work/play environment, The Alden at Cedar Park will be a great long-term addition to Weidner’s expanding Austin portfolio.”
Constructed in 2020, The Alden at Cedar Park is a four-story, wrap-style multifamily community offering air-conditioned corridors and elevator access. The property, comprised of one- and two-bedroom floorplans, was 95% leased at the time of sale. Community amenities include a resort-style pool with shaded cabanas, a clubhouse with a resident lounge and cocktail bar, outdoor entertainment areas with grilling stations and a 24-hour fitness center.
“We’re incredibly pleased with this financing, which is a testament to the robust relationship between Weidner, Newmark and Fannie Mae,” said Newman. “Fannie Mae’s support for the client’s expansion into the Austin market, coupled with a swift quote turnaround, allowed us to capitalize on favorable market conditions and secure an excellent rate.”
Clarfield added, “This transaction represents attractive metrics that strongly align with both the borrower’s and lender’s goals: a newer property in a high-growth market, a high number of mission-driven units and a Green Globes certification. We look forward to continued success with both our borrower and lending partner.”
The Alden at Cedar Park is located near Austin’s top tech employers – including Dell, Apple,
Samsung, Amazon and Meta – as well as major medical developments like Dell Children’s and Texas Children’s Hospitals. The community offers immediate access to premier retail and dining, with 1890 Ranch located just across the street and Cross Creek Market next door. It’s also a 20- minute drive from The Domain, Austin’s leading office, retail and entertainment hub.
