Periscope, Verdot Capital Land Financing for Texas Asset
Delivery of the first of two phases is scheduled for early 2024.
The Virginia in Seguin, Texas. Image courtesy of JLL
Periscope Capital Investment and Verdot Capital have secured $32.1 million in construction financing for a 198-unit community in Seguin, Texas. A regional bank provided a 15-year, floating-rate loan for the three-story Virginia project, which is expected to deliver in early 2024.
Situated at 3501 N Austin St., the community is being developed in two phases. The second phase, anticipated to be online in 2025, will feature an additional 226 apartments, bringing the community’s total to 424 homes.
The Virginia will feature one-, two- and three-bedroom apartments averaging 892 square feet. Amenities will include a fitness center, swimming pool, sauna, yoga studio, outdoor patio and business center, as well as grilling areas and dog parks.
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Residents will have direct access to San Antonio, which is a 30-minute drive from the property via Interstate 10, while Austin is located an hour away to the north. Downtown Seguin offers dining and entertainment options and is the retail center for Guadalupe, Gonzales and Wilson counties.
JLL Capital Markets‘s Debt Advisory team represented Periscope Capital Investment and Verdot Capital in the deal. The team was led by Director Alanna Ellis, Managing Director Jeff Lepley and Associate Alex Sheaffer.
Nord Group recently acquired a 40-building multifamily portfolio of nearly 500 vintage-style apartments in San Antonio.
