Just like everything else in Texas, developments in the state just keep getting bigger.
Austin, Texas-based Stone Development Group has tapped Colliers International’s new structured finance team of Executive Director Jeffrey Donnelly and Director Ulrike Ahrens to secure $22 million in financing for a multifamily development in a suburb of San Antonio, Commercial Observer Finance has learned.
The brokers are seeking roughly $18 million in debt and $4 million in equity, they said.
The development in Sequin, Texas, dubbed River House, will feature six three-story buildings on a 10-acre site. The buildings will contain 200 market-rate units, sprawling lawns, a fitness room and a large swimming pool. The developer is constructing a larger, mixed-use project in the area, which includes the River House residential properties, as well as new roads and infrastructure on 80 acres of land.
“The assignment is the perfect cocktail of experienced developer, strong and growing submarket, well-conceived project design, and robust return profile,” Mr. Donnelly told COF.
Ms. Ulrike said that national lenders have already shown strong interest in the project. “River House is an exceptionally compelling project at this juncture in the real estate cycle,” she said.
The assignment is part of a new start for Mr. Donnelly and Ms. Ulrike, which joined Colliers’ New York Capital Markets division in September from DTZ. Commercial Observer reported that the pair had left the brokerage in wake of DTZ’s completed $2 billion merger with Cushman & Wakefield.
The New York-based structured finance team has specialized in arranging financing for development projects in the south, as well as the Caribbean and Latin America.