Southern Realty Trust Lends $35M Refinancing on Austin Senior Housing Community
Wilson Capital is building an age-restricted multifamily complex of 150 units
By Brian Pascus July 8, 2024 1:29 pm
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Developer Wilson Capital has secured a $35.2 million senior loan to refinance Jovie Belterra, a 150-unit age-restricted multifamily community currently being developed outside Downtown Austin, Texas.
Southern Realty Trust, a real estate lender based in West Palm Beach, Fla., originated the $21.1 million senior loan portion of the refinancing, while the remaining $14.1 million was syndicated to an unnamed affiliate lender.
In prepared remarks, Brian Sedrish, CEO of Southern Realty Trust, defined Austin as “a high-growth Southern market,” and spoke to the lack of supply for age-restricted housing in the surrounding area.
“The limited supply of active adult rentals in Texas positions this project to meet a significant demand, which we believe will generate a strong risk-adjusted return for our Investors,” said Sedrish. “We are excited to work with Wilson Capital on this project and look forward to expanding our relationship with strong sponsors, like Wilson, in the future.”
Located at 167 Hargraves Drive in Belterra — a 1,600-acre unincorporated community 18 miles southwest of the downtown area of Austin — Jovie Belterra is expected to span more than 140,000 square feet and feature two three-story buildings upon completion. One building has topped off construction and the other is scheduled to finish construction in the third quarter of this year.
The resort-style layout of the complex will include an outdoor pool, a fitness center, a club room and bar, a pet spa, a billiards room, outdoor fire pits, and two electric vehicle charging stations.
Brian Pascus can be reached at bpascus@commercialobserver.com
