Four high profile Austin properties have received nearly $ 280 million in home finance.
Madison Realty Capital announced that it has granted developer Reger Holdings, a real estate investment and development company based in West Seneca, NY, a home loan of $ 278.5 million on the four properties
Madison Realty Capital is a real estate private equity firm headquartered in New York with regional offices in major markets such as Los Angeles and Dallas.
One of the four properties is a 28-story condominium in downtown Austin, known as the Linden Residencessoon to be breaking ground at 313 W. 17th Street. The tower will have 117 condominiums as well as retail and 251 parking spaces on the ground floor. Reger said the units were “essentially sold” but did not provide a number.
The Linden will replace the William Gammon Insurance building on Guadalupe Street and is expected to last more than two years.
The other properties are on the proposed 425-acre mixed-use project known as East Village. Two are apartment complexes with a total of 734 units, and the other property comprises 317 hectares with 1,264 additional residential units planned.
The first work has been going on at EastVillage for more than six months. The first phase is scheduled to break the ground this month and is expected to be completed in around 18 months.
The second phase for EastVillage is to lay the foundation stone in the next six months and last just under two years.
Reger Holdings, which is developing EastVillage and Linden, has contributed significant cash to the construction of the projects, Madison Realty Capital officials said in a press release. Madison officials declined to comment beyond the press release.
If built in phases over time, the mixed-use EastVillage project could end up being a $ 1 billion project, Reger said. Office space, apartments, hotels, restaurants, retail stores, a grocery store and a cinema as well as pedestrian paths, an amphitheater and hiking and cycling trails are planned.
Josh Zegen, managing director and co-founder of Madison Realty Capital, said the home loan underscores Madison’s ability to “serve a highly regarded borrower as a one-stop financing provider.”
“Austin is a fast-growing, vibrant city that is experiencing exceptional economic growth, but facing high barriers to entry,” Zegen said in a press release. “Parmer Lane tech corridor is home to some of Austin’s most prominent employers and some of the most innovative companies in the country,” he said, including Apple, Samsung and 3M.
Madison’s funding of the EastVillage and Linden projects marks a milestone for both developments, said Gordon Reger, Reger’s CEO.
“We are excited to work with a single source of capital that has the flexibility to fund these diverse projects,” said Reger.
The mixed-use homes planned for EastVillage include two development areas on 29 acres within the larger project, which will total more than 400 acres.
The first EastVillage project will include 312 luxury apartment units in six buildings, with amenities such as a fitness center, courtyard, dog care station and swimming pool.
The second EastVillage development will bring an additional 422 apartments with one, two and three bedroom units with high-end finishes and a game room, yoga studio and commercial space of 143,000 square feet.
Future development phases for EastVillage include 317 acres of land approved for 1,264 apartment buildings, 240 hotel rooms and more than one million square feet of commercial space.
EastVillage will be built next to Samsung’s semiconductor chip manufacturing plant.
Samsung, one of Austin’s largest employers, recently announced plans to expand with a $ 17 billion chip manufacturing facility, though the company has yet to announce a location for the planned expansion.