Journeyman Links With Credit Unions for Austin Apartment Build

Few credit unions would accept the risk involved with financing a $49 million apartment project on their own. But seven might. Journeyman Group is building a 285-unit affordable housing project in South Austin, a project financed with a syndicated construction loan. Unlike larger banks, most credit unions have to band together in order to provide the loans of $40 million-$50 million that such projects require.

The Austin Business Journal reported the developer received a $49 million syndicated construction loan from seven credit unions led by University Federal Credit Union. The loan is a public-private partnership between Journeyman Group, the seven credit unions and the Travis County Housing Finance Corp. Journeyman Group will develop The Matador with a minimum 50% of units offered to households making an average of 60% median family income.

Work on the project began in May with an estimated completion date near the end of 2025.