Flournoy Properties has completed a $46.5 million refinancing of River Junction, a recently delivered rental community in Leander. The multifamily property, located at 116 Talon Grasp Trail, reached completion in 2024 and is now being recapitalized with a new floating-rate, interest-only bridge loan. Bridge Investment Group provided the refinancing, while the Walker & Dunlop Capital Markets Real Estate Finance team arranged the debt.
The River Junction community comprises 329 apartment units and an additional 17 townhomes distributed across 15 residential buildings. The garden-style layout features a mix of one-, two-, and three-bedroom floor plans, designed to appeal to a range of renter household types. The townhome component adds a differentiated offering within the larger multifamily property, giving residents access to more space and a different living format within the same community.
On the financing side, Walker & Dunlop’s Capital Markets Real Estate Finance team led the execution of the bridge loan on behalf of Flournoy Properties. The team was led by Patrick Short and Clay Colvill, who structured the floating-rate, interest-only facility to refinance the 2024-vintage asset. The use of a bridge loan structure suggests a focus on providing flexibility during the current phase of leasing and stabilization for the property.
Residents at River Junction have access to a range of on-site amenities. The community offers a swimming pool, fitness center, and clubhouse, as well as coworking space that caters to remote and hybrid workers. Outdoor amenities include a pet park and BBQ areas, and the property also features detached garages and carports to support resident parking needs.
According to the parties involved, River Junction is benefiting from accelerating occupancy as regional employment growth continues. The property is positioned to serve demand stemming from expansion in the semiconductor sector and data center development, which are contributing to job creation in the surrounding area. These employment trends are driving additional rental housing demand in and around Leander.
Walker & Dunlop’s Patrick Short noted that River Junction is well placed to capture the ongoing growth of North Austin. He cited strong employment fundamentals and solid renter demand as key supports for new Class A multifamily communities in the area. The refinancing aligns the capital structure of River Junction with these market conditions as the property continues to lease up and mature.
The transaction underscores the role of specialized capital markets teams and bridge lenders in providing flexible refinancing solutions for recently completed multifamily properties in growth markets. It also illustrates how employment-driven demand in sectors such as semiconductors and data centers is supporting occupancy gains at new rental communities in Leander and the broader North Austin area.
