Greystone has provided a $41.2 million bridge loan for the acquisition of a multifamily property in Austin, TX. The transaction was originated by Steven Vainer, Director at Greystone on behalf of Lynd Living.
The property is secured by a Greystone bridge loan that includes a 36-month term with two 1-year extension options, with the intention for permanent take-out financing with Greystone.
Constructed in 2001, Legends at Lake Creek is a 250-unit value-add apartment complex in the highly affluent Anderson Mill submarket of Austin with a plethora of shopping, employment, and recreational opportunities nearby. Austin is a fast-growing market, ranked as the #1 “Hottest US Job Market” by The Wall Street Journal in 2020 and #1 “Best State Capital to Live In” by WalletHub in 2021, with Apple’s $1 billion campus under construction less than 3 miles from the property, anticipated to bring 15,000 jobs to the area.