GEORGETOWN, TX – EBSC Lending announced today that it has arranged a $41.0 million refinancing for a 203-unit, Class A, mid-rise multi-housing community located in Georgetown, Texas, within the greater Austin metropolitan area.
The refinance featured a forward-rate lock and interest-only amortization, delivering a stabilized, long-term capital structure for the sponsor. Loan proceeds refinanced the original construction financing provided by a bank, which the borrower utilized to develop the community beginning in 2022.
“We were proud to partner with the sponsor to complete this refinance,” said David Palmer, VP – Special Assets at EBSC Lending. “This was the sponsor’s first agency deal and first multifamily project in over two decades, and we were humbled to be selected as their partner in this undertaking. With the new structure in place, the asset is well-positioned to benefit from private financing for years to come.”
Built in 2019, the community features a mix of studio, one-, and two-bedroom residences averaging 775 square feet, with modern finishes and a strong in-unit amenity package that includes full-size washers and dryers, private balconies, and designated underground parking and bike storage. Residents also enjoy a comprehensive suite of amenities, including a 3,500-square-foot landscaped courtyard with lounge seating, an outdoor swimming pool and spa, grilling and outdoor dining areas, a fitness center and yoga studio, a club room with a gaming area and bar, and a rooftop sky lounge featuring an outdoor kitchen and cocktail station. The property is currently 96% occupied.
“We appreciate EBSC Lending’s partnership and guidance throughout this process,” said Robert Sheridan, Sponsor. “This refinance represents an important milestone for our team, and the forward-rate lock and interest-only structure provided the certainty and flexibility we were seeking. We’re excited to continue executing our business plan and investing in the community for the long term.”
The ownership group plans to execute a targeted property improvement plan, including interior unit refreshes and updates, to enhance tenant experience and support long-term value creation. Additional unit features include high-speed internet capability, washer/dryer hookups, air conditioning and heating, cable-ready connections, security systems, tub/shower combinations, sprinkler systems, and wheelchair-accessible layouts.