Pearlston Partners and ATCO have secured a $77.2 million loan for their condo development at 84 East Avenue in Austin. The financing was provided by Northwind Group through their closed-end debt fund, with the loan being backed by 167 remaining units at Vesper – a recently completed residential condominium tower in Austin’s Rainey Street District.
Northwind structured the loan with flexible terms to allow the developers to effectively manage the sales process for these remaining units. According to Ran Eliasaf, a representative from Northwind, they specialize in providing loans for high-quality condominiums and have strong confidence in Vesper as it has already sold 40% of its units and is currently the only new inventory available in this submarket.
Vesper was completed just last year (2024) and offers luxurious amenities such as a rooftop pool, fitness studio, resident lounge, 24-hour concierge services,and exclusive coworking spaces. This financing marks another successful project for Pearlston Partners and ATCO as they continue to develop top-of-the-line properties throughout Austin.
