$30M Construction Loan Secured for 1600 S 1st Street MXU

Mission Capital Advisors’ Debt and Equity Finance Group arranged $29.4 million in non-resource construction financing to develop 1600 S 1st Street, a mixed-use project in Austin’s Bouldin neighborhood. The loan was secured from a local debt fund, on behalf of developer PSW Real Estate LLC.

Jason Parker, Steven Buchwald and Jamie Matheny of Mission Capital Advisors represented the developer in arranging the senior loan.

The four-story property in south Austin will have 59 condominiums, approximately 22,800 square feet of ground-floor commercial space and a 321-space underground parking garage. On-site amenities will include a private roof deck and a second-floor courtyard.

Buchwald said that the sponsor has a reputation as a savvy developer that is able to capitalize on the area’s growth. “With their track record of success and knowledge of the local market, we were able to generate numerous bids, ultimately closing this strong deal with a local debt fund,” he added.

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