Updated Apr 3, 2025
David Elgart Of Benefit Street Partners Provides $154.5 Million Loan For Austin Condo Development
$151,500,000
$505/SF
Building Size
299,608 SF
Asset Type
Development Site
Closing
Mar 25, 2025
About this deal
AI
The transaction involves a construction loan for a to-be-built condominium development in the Austin market. The asset is a condo development totaling 299,608 square feet and will comprise 158 units in a Class A classification.
Summary of transaction details:
- Property Type: Condo Development
- Transaction Amount: $154,500,000
- Lender: David Elgart - Benefit Street Partners
- Broker: Benjamin Nevid - Meridian Capital Group
- Loan Type: Construction
- Loan Structure: Three-year, floating-rate, 73% LTC, non-recourse loan
David Elgart represents Benefit Street Partners as the lender for the project, while Benjamin Nevid serves as the broker representing Meridian Capital Group. Meridian Capital Group is recognized for providing tailored financial solutions in dynamic markets, successfully orchestrating this complex deal with competitive terms.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93