Pearlstone Partners has obtained $75 million in construction financing for an upcoming 182-unit condominium development in the South Lamar area of Austin, Texas. Knighthead Funding supplied the loan, marking the firm’s fifth transaction on behalf of Pearlstone since 2020.

Set to take shape on an 80,900-square-foot parcel at 2323 S. Lamar Blvd., 3 miles from Austin’s central business district, the five-story building will incorporate studios, one- and two-bedroom units, as well as four live work units. Additionally, the project will feature more than 6,000 square feet of street-level retail and office space. Completion is slated for the second half of 2024.

Knighthead’s Jonathan Daniel says the areas growth gives him optimism, “Fortune 500 companies continue to relocate to Austin bringing a steady stream of new residents that will further drive demand for the kind of housing that this project is providing”.