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Vesper Gets $130M Construction Financing Infusion
Austin-based Pearlstone Partners and New York-based ATCO Properties & Management recently secured $130 million in construction financing from MSD Partners LP for Vesper. The firms are co-developing the 41-story residential high-rise condominiums at 84 East Ave. in the Rainey Street Historic District.
Pearlstone and ATCO’s total investment in the project is $165 million. This is MSD Partners’ first financing of a Pearlstone/ATCO project.
“MSD’s involvement speaks volumes about the strength and vision of our plans for Vesper and represents a major milestone in bringing this development to market,” said Robert Lee, Pearlstone Partners CEO and principal.
A 41-story residential condominium tower situated on 0.41 acres, Vesper will offer 284 residential homes at an average size of 975 square feet. Construction is underway with units delivering in 2024.
Vesper’s other project partners include STG Design, architect; Wuest Group, civil engineer; McCray & Co., interior designer; dwg., landscape architect and AECOM Hunt, general contractor. Vesper will be marketed exclusively by Prospect Real Estate.
- ◦Development
- ◦Financing
