MRC originated a $279MM first mortgage loan collateralized by a 117-unit luxury condominium project with 5,200 SF of retail space called The Linden Residences, a two-phased development called East Village with 734 rental apartments and 143,000 SF of commercial space, and 317 acres of entitled land approved for an additional 1,200 residential units, 1MM SF of commercial space, and 240 hotel keys
Both the Linden Residences and East Village sites are extremely well located in Austin, Texas; the Linden Residences site is located half a mile from Downtown Austin and the East Village site is adjacent to the Samsung Semiconductor factory, which is poised for a $17BN expansion
As complete, the Linden Residences and East Village developments are well positioned as best-in-class product in an attractive submarket with limited supply of new sophisticated housing to meet the demands of new tech employees relocating to Austin at a rapid pace
MRC creatively offered the Borrower a single source execution across the multiple projects, creating ease of execution as well as providing MRC a diverse pool of collateral
All information is subject to market conditions and may and will change. Please contact us to discuss the specifics of your project.