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Financing Kicks off Construction of Aldrich St. Mixed-Use Site
Construction financing of $59.5 million was recently provided for a mixed-use condominium development in Austin, TX. The site is located at 1808 Aldrich St. in the mixed-use mixed-income community of Mueller, three miles from downtown.
Knighthead Funding LLC provided a joint venture between Austin-based developer Pearlstone Partners and New York City based ATCO with the financing. This is Pearlstone’s fourth condominium project in Austin financed by Knighthead in the past 19 months.
“All three previous projects which Knighthead financed for Pearlstone are performing at exceptionally high levels, and with demand in the market continuing to remain strong, we expect this asset to perform equally well,” says Henry Boeckmann, Knighthead vice president.
The latest project will bring to market 170-market rate and 30 affordable residential units. In addition, there will be 22,318 square feet of office condominiums and a 4,884-square-foot retail condo space.
- ◦Development
- ◦Financing
