Austin Community Lands $55M Refi

JLL Capital Markets has secured a $55 million refinancing deal for Urban East, a 381-unit Class A community in Austin, Texas. JLL worked on behalf of the ownership, consisting of Battery Global Advisors, Housing Authority of the City of Austin, River City Capital Partners and LDG Development. Goldman Sachs Alternatives provided the floating-rate note.

The property came online this year and is managed by Greystar. Urban East consists of two five-story buildings covering a 7-acre site. The community has studio, one-, two- and three-bedroom layouts ranging from 531 to 1,454 square feet.

Shared amenities at the pet-friendly property include two swimming pools, a fitness center, a clubhouse, a spa and a game room. Additionally, residents have access to electric charging stations and a multi-level parking with 1,213 spots.

Located at 6400 E. Riverside Drive, Urban East is 1 mile from East Ben White Boulevard, where several restaurants and retail options are available. Austin-Bergstrom International Airport is less than 3 miles away, while downtown Austin and University of Texas are some 5 miles north.

Managing Director Kyle Spencer and Senior Director Dan Kearns led the JLL Debt Advisory team representing the borrower.

According to Yardi Matrix reports, Austin’s multifamily market had mixed results in the second quarter of 2024. Year-over-year through May 2024, the average asking rent in the metro decreased by 5.8 percent to $1,620. In that same timeframe, the national average rent increased slightly by 0.6 percent, reaching $1,733.