Austin Martin Of Martin Inderman Development Secures $53M Loan For The Lariat In Amarillo

The property asset involved in this transaction is a development site located at the intersection of Tarter Avenue and Presidio Avenue in Amarillo, Texas. The site encompasses approximately 13.5 acres and is intended for the construction of a multifamily project called The Lariat, comprising 312 units across 13 three-story buildings. The total loan amount secured for this project is $53 million, which is designated for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $53,000,000
• Asset Size: 13.5 acres
• Market: Amarillo
• Lender: Brandon Baksh & Tommy Ng - Dwight Capital
• Landlord: Austin Martin - Martin Inderman Development
• Loan Type: Construction

The key individuals involved in this transaction include Brandon Baksh and Tommy Ng, who originated the loan through Dwight Capital. The project is being developed by Austin Martin, representative of Martin Inderman Development, which will utilize the funds from the HUD 221(d)(4) construction loan to incorporate modern amenities, including a pool, clubhouse, and EV charging stations within the development.