A consortium of private and public organizations has secured $55.5 million to refinance an affordable housing project in Austin. The financing was arranged by Goldman Sachs Alternatives for Urban East, a 381-unit apartment complex located at 6400 East Riverside Drive in the eastern part of the city.
The loan, which is subject to variable interest rates, was obtained by the Housing Authority of the City of Austin, Battery Global Advisors, River City Capital Partners and LDG Development. JLL’s Debt Advisory team led by Kyle Spencer and Dan Kearns facilitated this transaction.
Completed in 2023, Urban East offers units with an average size of 820 square feet. Out of its total units, there are 191 that are priced affordably for tenants earning up to 80% of the area’s median income.
Residents can enjoy various amenities such as a game room with a bowling alley, two swimming pools,a fitness center,a rooftop lounge,and a dog park on site.This successful refinancing effort demonstrates strong collaboration between different entities towards providing quality affordable housing options for residents in Austin.
