Project Description

Multi-Family Residential – Austin, TX

  • Status: Performing
  • Position: Second Lien
  • Loan Type: Acquisition
  • Current Loan Balance: $650,000
  • Fully Committed Loan Amount: $650,000
  • Appraised Value: $4,850,000
  • Loan to Value Ratio*: 72.7%
  • Current Interest Rate: 12.50%
  • Interest Rate Index: WSJP + 9.25%
  • Interest Rate Floor: 12.50%
  • Origination Date: December 17, 2020
  • Maturity Date: December 1, 2021
  • Term: 11 months
  • % of Portfolio: 0.8%

Sandpiper Apartments is an 86% occupied, 22-unit complex located in Austin’s highly desirable West Campus neighborhood, with excellent walkability to neighboring restaurants, retail services, and UT. The first lienholder is holding a cap-ex reserve to allow the borrower to complete renovations to the property. The borrower intends to hold the property long-term and will refinance the loans upon completion of the renovations.