Crow Holdings Lands $80M for Austin Luxury Tower

Franklin BSP Realty Trust provided the refinancing.

Alexan Waterloo

Alexan Waterloo rises 30 stories in downtown Austin. Image courtesy of Yardi Matrix

Crow Holdings Capital has obtained $80 million for the refinancing of Alexan Waterloo, a 272-unit luxury multifamily community in downtown Austin, Texas. Franklin BSP Realty Trust provided the two-year loan, which has three one-year extension options conditioned by certain borrower requirements.

The property’s previous debt included a $76.4 million construction loan originated by Bank of America in 2018, according to Yardi Matrix data.

Completed in 2022, the 30-story tower incorporates studio, one-, two- and three-bedroom floorplans, along with penthouse layouts, all ranging from 575 to 3,858 square feet. It also comprises 11,000 square feet of office space on the building’s first four floors.

Apartments feature in-unit washers and dryers, along with fireplaces for penthouses and private balconies or patios for select units. Common-area amenities include a rooftop swimming pool, fitness center, golf simulator and dog park, as well as coworking spaces.

Located at 700 E. 11th St., the property is off Interstate 35, directly adjacent to the Medical District. The community is some 10 miles from Austin-Bergstrom International Airport and within walking distance of the Texas Capitol and of the University of Texas at Austin.

Multifamily completions in Greater Austin reached 5.3 percent of total stock as of June, according to a recent Yardi Matrix report. The metro’s pipeline amounted to nearly 63,800 units, the same data provider shows.

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