Berkadia Secures $52 Million in Financing For Multifamily Property in Texas
AUSTIN, Texas – July 5, 2022 – Berkadia today announced the financing secured for Iron Rock Ranch, a garden-style multifamily housing property in Austin, Texas. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia Austin Mortgage Banking secured the $52 million loan to refinance the property on behalf of the borrower, Texas-based Domain Communities. The deal closed on June 9.
The four-year, non-recourse bridge loan was financed through J.P. Morgan Asset Management and features additional funding to continue planned capital improvements.
Located at 1215 West Slaughter Lane in South Austin, Iron Rock Ranch offers one-, two- and three-bedroom floor plans. Community amenities include two resort-style swimming pools with outdoor lounging areas, a fitness center, a pet park, and a basketball court. Residents are afforded convenient access retail and restaurants along West Slaughter Lane as well as convenient access to I-35 and Mopac Expressway.
Property photos available upon request.