Waterloo Real Estate Investments and Highland Realty Capital arranged a $26.5-million construction loan on behalf of Austin-based Pearlstone Partners for its latest condominium project, Cascade Condominiums. It’s the fourth loan that Austin-based Waterloo and Los Angeles-based Highland have closed with Pearlstone in the past two years.
Cascade, which broke ground last month, will be a 113-unit condo development along with two commercial units, located at 25th and Lamar in the Old West Austin Neighborhood and near the University of Texas. It will be built adjacent to dedicated parkland on a site that formerly housed an office building.
The construction loan represents a 75% LTC and 58% LTV for the $37.8-million project. Previous Pearlstone financings by Waterloo’s John Ghiselli and Highland’s Mike Guterman include 48 East, a 30-story condo/hotel development in the Rainey District.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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