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David Elgart Of Benefit Street Partners Provides $154.5 Million Loan For Austin Condo Development

Property Image
FINANCED
$151,500,000

Texas

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Development Site299,608 SF
Financed 03/25/2025
the dealplayerscompscontact
Property Image
FINANCED

David Elgart Of Benefit Street Partners Provides $154.5 Million Loan For Austin Condo Development

Development Site299,608 SF
Financed 03/25/2025
the dealplayerscompscontact
Contact now

Summary

Asset Type:Development Site
Price Per Square Foot:$505
Total Square Footage:299,608 SF
Transaction Type:Loan

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

Benjamin (Ben) Nevid
Meridian Capital Group
Benjamin Nevid
24 deals$2.4B volume
BROKER
Benefit Street Partners Realty
Benefit Street Partners Realty
LENDER

Details

FINANCED
IMAGE: Benjamin Nevid & David Elgart DATE: 03/25/2025 MARKET: Austin, TX ASSET TYPE: Condo Development ~ SF: 299,608 LENDER: David Elgart - Benefit Street Partners BROKER: Benjamin Nevid - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $154,500,000 LOAN TYPE: Construction NOTE FROM BROKER: The Powerhouse finance experts at Meridian Capital Group continue to deliver tailored solutions for today’s dynamic market. Meridian placed a $154.5 MM loan a to-be-built, 158-unit Class A condominium project. The three-year, floating-rate 73% LTC non-recourse loan demonstrates Meridian’s ability to secure competitive terms for complex deals nationwide. To see what Meridian can structure for your next transaction, contact Ben Nevid. Benjamin Nevid Senior Managing Director Meridian Capital Group (212) 612-0126 (phone) [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$151,500,000.00

Monthly NOI$1,010,000.00
Monthly Debt Service$957,583.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00