JLL Secures $39M Acquisition Loan for Metro Austin Apartments
JLL has secured a $38.5 million acquisition loan for Summit at Rivery Park, a 228-unit apartment community located in the northern Austin suburb of Georgetown. In addition, JLL arranged an equity partnership between Old Three Hundred Capital and Sound Mark Partners.
Built in 2014, the community consists of four buildings with one-, two- and three-bedroom floorplans, ranging from 576 to 1,410 square feet. Amenities include a fitness center, business center, clubhouse, community room and media room as well as 401 parking spaces. The community is located at 1400 Rivery Blvd.
Marko Kazanjian, Chris McColpin, Max Herzog and Andrew Cohen of JLL arranged the loan and joint venture partnership. New ownership reportedly plans to implement a value-add program. The lender, Vancouver-based QuadReal Finance Inc., provided a five-year, non-recourse, floating-rate loan.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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