Austin, Texas—Johnson Capital announced that Jason Pumpelly, managing director in the firm’s Dallas office, has arranged $11.72 million in acquisition financing for a 198-unit apartment community in Austin.
The property, Cascades Apartments, is located on Algarita Ave in the Travis Heights neighborhood of South Austin. The property is one block west of I-35 on E. Live Oak Street in the heart of Travis Heights, which is also near the South Congress neighborhood, a district well-known for its culture and shopping. Cascades Apartments was built in 1971 on 5.95 acres and is comprised of 15 two- and three-story buildings.
The sponsor, FIRMUS Equity Partners, acquired the property with plans to renovate unit interiors and the property’s exterior, creating a modern vibe for the 70’s vintage community. The acquisition financing was provided by a regional bank.
Commenting on this transaction, FIRMUS Principal Cary S. Krier notes, “The acquisition of this property fits well into our investment strategy to take underutilized properties and apply strategic renovations and aggressive management to create a unique and vibrant living experience for our tenants.”
BMC Capital provides $3.8M loan for 154-unit property
Austin, Texas—Patrick Short of BMC Capital’s Austin office coordinated the assumption of a $3.8M FNMA loan for a 154-unit multifamily property located in Austin, Texas. The loan has seven years remaining on a 10-year fixed-rate at 4.99 percent and a 30-year amortization. The loan was arranged through one of BMC Capital’s Agency relationships.
BMC Capital is the leading lender for small-balance multifamily and commercial loans in the country and anticipates originating at least 150 such transactions in 2013.