Austin Condo Developers Obtain $77.2M Financing

Pearlston Partners and ATCO have obtained a $77.2 million first-mortgage condo inventory loan for a condo development at 84 East Avenue in Austin. Northwind Group provided the loan through its closed-end debt fund. The loan is collateralized by 167 remaining units at Vesper, a recently completed 41-story residential condominium tower located in Austin’s Rainey Street District. Northwind structured the loan with flexible terms, enabling the sponsorship to effectively manage the sales process for the remaining units.

Northwind’s Ran Eliasaf added, “Loans backed by high-quality condominiums are our core focus, and we have strong confidence in Vesper given that 40% of its units have already been sold and it stands as the only new inventory available in the Rainey Street submarket.”

Completed in 2024, amenities include a rooftop pool, fitness studio, resident lounge, 24-hour concierge services and exclusive coworking spaces.