JLL Secures $32.1M Construction Loan For Development Site In Seguin, Texas
3501 N. Austin St
$32,125,000
Building Size
—
Asset Type
—
Closing
Apr 25, 2023
AI
The development site located at 3501 N. Austin St in Seguin, Texas is set to undergo a transformation into The Virginia, a 198-unit apartment rental community. The project is being developed by Periscope Capital Investment and Verdot Capital. Upon completion in 2024, The Virginia will offer a range of amenities including a fitness center, sauna, and swimming pool.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $32,125,000
- Loan Type: Construction Loan
- Loan Terms: 15-year, floating-rate
JLL Capital Markets, represented by brokers Alanna Ellis, Jeff Lepley, and Alex Sheaffer from JLL, has successfully secured a $32.125 million construction loan for The Virginia project. This loan will provide the necessary financial support for the development of the apartment rental community. The collaboration between Periscope Capital Investment, Verdot Capital, and JLL Capital Markets highlights the collective effort in bringing this project to fruition in Seguin, Texas.
Players
Seguin CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93