Bridge Loan and Added Funds to Finance Capital Improvements Plan

Lotus Village, a 222-unit apartment community in Austin, was recently acquired by a firm affiliated with One Real Estate Investment of Miami. Lotus Village is located at 300 Ferguson Dr. and was built in 2012. The purchase price was undisclosed.

Brad Williamson of Berkadia Miami secured bridge financing on behalf of the buyer. LoanCore originated the bridge loan along with additional funds to finance the sponsor’s capital improvements plan.

“Austin has had a variety of pull factors that have led to a number of new business relocations and in-migration to rise throughout the metro area,” said Williamson. “With companies like XR Masters and QSAM Biosciences Inc. having made the move, and announcements by Oracle and Tesla to also bring operations into the city, Austin’s multifamily market can be expected to create additional value for apartment operators. With almost 34,500 new residents moving in 2020 and demand easily outpacing supply so far this year, its fundamentals clearly provide favorable investment conditions.”

The community is located in North Austin about five minutes from Interstate 35, providing direct access into downtown. The University of Texas and the Texas capitol are approximately 15 minutes away, with recreational areas and parks along the Colorado River only about 20 minutes away.