NewPoint Arranges Loan for Round Rock Rental Purchase
NewPoint Real Estate Capital (“NewPoint”) has provided a $35.3 million bridge loan to facilitate the acquisition and lease-up of Siena Round Rock on behalf of River Rock Capital. The newly-built, 198-unit multifamily community is located in Round Rock, about 27 miles northeast of downtown Austin. NewPoint worked with Judah Hammer and Daniel Neiss at Meridian Capital Group, who represented the borrower on the transaction.
Siena Round Rock began leasing in January 2022 and was more than 95% leased by August. The two-year floating-rate bridge loan features three one-year extension options. River Rock plans to pursue permanent Agency or HUD/FHA financing once stabilized.
“This transaction represented an opportunity to acquire a near-stabilized property in the rapidly growing Round Rock market, which is one of the more affordable submarkets north of Austin,” says Marc Fried, at River Rock Capital.
River Rock Capital was formed in 2013 and has since acquired over 5,000 units.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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