The bridge loan had a 5 year term, achieved a 106% loan-to-cost (75% loan-to-value) and had low fixed rate, with no amortization (interest only). TSCP continues to expand its bridge lending programs, throughout the US, despite recession threats.
NEW YORK, May 4, 2023 /PRNewswire/ — The property had (656) one-bedroom and (184) two-bedroom garden-style units on a 29.1 acre campus in North Austin, with excellent visibility from I- 35. Amenities at the complex include a clubhouse, pool, gym, basketball court, playground, on-site leasing office and dog park.
Austin is the capital city of Texas, founded 1839 and is the 11th-most-populous city in the United States, the fourth-most-populous city in Texas. As of 2021, Austin had an estimated population of 964,177, and the city is the cultural and economic center of the Austin–Round Rock metropolitan statistical area, which had an estimated population of 2.3MM (2020), a roughly 84% increase from the year 2000. A number of Fortune 500 companies have headquarters or regional offices in Austin, including 3M, Advanced Micro Devices (AMD), Amazon, Apple, Facebook (Meta), Google, IBM, Intel, NXP Semiconductors, Oracle, Tesla, Texas Instruments, Dell and Whole Foods Market. With regard to education, Austin is the home of the University of Texas at Austin, which is one of the largest universities in the U.S., with over 50,000 students.
According to a senior underwriter at Trinity Street, “The firm has stepped up to support the US commercial real estate markets in the mitts of a major upheaval, due to rising interest rates and an uncertain economic landscape. The recent collapse of Silicon Valley Bank, Signature Bank and First Republic, will make the private lending institutions that much more critical to the commercial real estate markets. TSCP underwriting process takes a deep dive into property economics, market statistics and sponsorship, which allows TSCP to provide financing for strong clients at aggressive rates and leverage points.”
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate non-recourse commercial mortgages (bridge & permanent), construction loans and real estate private equity, with investments starting at $5MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties, located throughout the fifty states.
For more information about Trinity Street Capital Partners and the services it provides, go to www.trinitystreetcp.com.
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SOURCE Trinity Street Capital Partners
Originally published at https://www.prnewswire.com/news-releases/trinity-street-capital-partners-tscp-a-full-service-real-estate-investment-bank-announces-the-origination-of-a-110mm-bridge-loan-for-a-840-unit-multifamily-project-in-austin-tx-301815534.html
The post Trinity Street Capital Partners (TSCP), a full service real estate investment bank, announces the origination of a $110MM bridge loan for a 840 unit multifamily project, in Austin, TX first appeared on Miami in News.
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