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Pearlstone Condo Project Lands Construction Debt

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.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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