RMWC Supplies Construction Loan on Austin Apartments Build
By Andrew Coen April 21, 2022 10:30 am
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Cumby Group has sealed $37 million of construction financing to complete a multifamily development in Austin, Texas, Commercial Observer has learned.
RMWC provided the loan on Cumby Group’s 147-unit The Emma project. BayBridge Real Estate Capital’s Mark Niman arranged the transaction.
Located at 3219 Manor Road in East Austin, The Emma will be situated on a 1.6-acre, controlled-access property that features a courtyard. Its amenities include lounge, pool, fitness center and onsite parking structure.
“RMWC has been active in the Austin market since 2017 and is privileged to be a part of the evolving East Austin submarket with its recent financing for the development of The Emma,” Curt Riggs, managing director, said in a statement. “The Cumby Group is a well-seasoned vertically integrated developer that has developed some innovative projects around Austin.”
Riggs added that RMWC has now closed more than $500 million of lending volume in just over a year’s period following this deal.
Representatives for Cumby Group did not immediately return a request for comment. BayBridge declined to comment.
Austin was ranked the No. 1 market for commercial real estate investment in January by CrowdStreet, followed by Raleigh-Durham, N.C.; Nashville, Tenn.; Orlando, Fla. and Seattle.
Facebook parent company Meta Platforms announced plans in January to open a 589,000-square-foot office in Downtown Austin that will account for half of a new 66-story tower scheduled to open next year.
Andrew Coen can be reached at acoen@commercialobserver.com.
