Old Three Lands Refi for Austin-Area Community
LoanCore Capital provided the loan.
LoanCore Capital has originated a $63 million loan for the refinancing of Muir Lake Apartments, a 332-unit multifamily property in Cedar Park, Texas, an Austin suburb.
Old Three Hundred Capital owns the community, according to Yardi Matrix information. Institutional Property Advisors brokered the deal.
Previous financing included a $61.4 million permanent loan originated by Walton Street Capital in June 2021, the same source shows.
The Class A property came online in 2014 and consists of 20 three-story buildings spread across more than 46 acres. The unit mix comprises one- and two-bedroom layouts ranging between 654 and 1,700 square feet.
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Common-area amenities feature a fitness center, swimming pool with sundeck and game area, outdoor kitchen, business center and indoor spa with water feature. Additionally, the community has a eucalyptus steam room, a coffee and tea bear, a sauna, a dog park, a clubhouse, a yoga room and a picnic area with barbecue grills, as well as fireplace lounges.
Located at 12600 Avery Ranch Blvd., Muir Lake Apartments is close to a host of dining and retail options, including the Parkline Shopping Center. Downtown Austin is 19 miles away, while the Austin-Bergstrom International Airport is 26 miles southeast.
Multifamily financing deals poised to pick up pace
Despite challenges such as fluctuating construction costs, the sector strives to meet rising demand. Conditions are poised to gradually improve as the Federal Reserve announced the second cut in interest rates this fall, which will have an effect on multifamily finance.
Earlier this week, a joint venture between Davean Holdings and Meadow Partners refinanced an 18-community portfolio in New York City. Hudson Bay Capital provided the $110 million floating-rate bridge loan.
Other notable deals included BWE’s $75.4 million financing obtained for seven multifamily properties totaling 582 units. The communities are spread across California, in Contra Costa, Santa Clara and Los Angeles counties.
