StackSource recently arranged both a senior acquisition loan and a preferred equity placement for a recently constructed multifamily property in the suburbs of Austin, TX. The combined value of the senior and preferred equity arranged amounts to $47,800,000, which represents 85% of the acquisition's capital stack. The sponsor’s plans to increase current rents to market rate and boost other income streams of the 267-unit apartment project.
StackSource Senior VP of Business Development, Beth Mercante, coordinated the dual debt and preferred equity placement. The debt provider is a New York-based lending agency and preferred equity provider is a Florida-based real estate fund. The non-recourse senior debt was based on an 80% LTV, interest-only, at an interest rate of Libor +3.15%.