Lument Leads $48M Acquisition Deal for Austin Area Luxury Apartments


Impex Capital Group has landed $47.8 million of acquisition financing toward its purchase of a luxury multifamily housing property in suburban Austin, Texas, Commercial Observer can first report. 

Lument provided a $42.8 million bridge loan while Pensam Capital supplied an additional $5 million of preferred equity for Impex to acquire The Grand at Stone Creek in San Marcos, Texas. Implex acquired the property, which opened last year, from CLX Ventures for $53 million. 

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Manhattan-based StackSource, an online commercial real estate platform, arranged the transaction in the final days of 2021 to cap off a busy year in which it increased origination volume by more than 200 percent over 2020 levels. 

“StackSource has become a trusted and key partner for our commercial real estate business in sourcing both debt and institutional equity, helping us discover innovative sources of capital for our deals using technology efficiently and seeking most attractive pricing compared to other traditional mortgage brokers,” Ash Shah, principal of Impex Capital Group, said in a statement.

Houston-based Implex Capital Group is the primary investment vehicle for Shah, who is co-sponsor of more than 50 properties in multifamily, hospitality, industrial, office and assisted living. Shah said he is looking to increase monthly rents at the newly built property, which now range from $1,050 for studios to $1,760 for two bedrooms, according to

Located at 490 Barnes Drive within the Stone Creek Shopping Center, the property has amenities that include dog park, pet spa, business center, fitness center and swimming pool.

The Grand at Stone Creek deal adds to Stacksource’s recent momentum in which it originated more than $500 million over the last 12 months with in excess of $1 billion of financing engagements in the pipeline. Last July, the company appointed CRE industry veteran Richard Caldwell as head of originations following a $2.6 million fundraise from equity crowdfunding. 

“Our vision has expanded since the early days of trying to put together a loan marketplace,” StackSource Founder and CEO Tim Milazzo said in a statement. “Putting experienced, forward-looking real estate finance professionals together with smart, curious technologists has led to some of the most dynamic upgrades to our platform and we have several more exciting announcements to make over the next few months.” 

Officials for Lument did not immediately return a request for comment. 

Andrew Coen can be reached at