Palms on Lamar

$34,750,000 Multifamily Loan from Debt Fund

City: Austin, Texas
Loan amount: $34,750,000
Lender type: Debt Fund
Property type: Multifamily
Size: 476 Units

Transaction description

Grady Seldin of PSRS arranged the $34.75M value-add acquisition financing of a multifamily property in Austin, Texas. The subject property is a garden-style, 476-unit affordable housing development. Working with a capital markets debt fund, Grady was able to secure a high leveraged acquisition loan with future funding for the borrower’s CapEx program.

Along with underwriting the in-place and proforma cash flows, the deal required technical expertise with several governmental agencies involved. The borrowing team, lending team, and PSRS came to numerous agreements and structures to accommodate governmental requirements while satisfying the lender’s needs and the borrower’s business plan. All parties eventually became comfortable on the business and legal side to close on originally quoted terms for a successful acquisition.

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