Cottonwood Group has successfully closed a senior bridge loan facility worth $284 million. This financing will support the recapitalization of key assets within the EastVillage master plan, a 425-acre mixed-use development located in Austin’s northeast corridor. It will also aid in selling the remaining unsold condominium units at The Linden Residences, situated in downtown Austin.
The project was led by Reger Holdings, who spent several years acquiring and assembling the EastVillage site and securing necessary entitlements for development. Over multiple transactions between 2017 and 2018, they were able to acquire all 425 acres of land.
The senior bridge loan facility includes four cross-collateralized and cross-defaulted mortgages: one for The Vaughan (a recently delivered multifamily property with 312 units), one for The Janis (an under-construction mixed-use complex with both residential and retail components), one for entitled land parcels known as “The Land,” and finally one for luxury units that remain unsold at The Linden Residences.
EastVillage is strategically located near Samsung Austin Semiconductor campus which employs over 10,000 workers. With Samsung’s ongoing expansion plans including a $17 billion semiconductor manufacturing facility nearby in Taylor,Texas; this further solidifies the region’s position as an important technology hub driving innovation forward.
This news was originally reported by Connect CRE but has since been updated or modified from its original content.
