Franklin BSP Realty Trust closed an $80 million loan facilitating the refinancing of the Alexan Waterloo, a 272-unit, 30-story high-rise multifamily property located in downtown Austin, TX. Crow Holdings Capital is the property developer and is a subsidiary of Crow Holdings, a privately owned real estate investment and development firm with more than 70 years of history and approximately $24 billion of assets under management.
An initial advance of $78 million was funded at closing with future advances of $2 million available to the borrower. The loan was structured with a two-year initial term and three one-year extension options, subject to the borrower meeting certain requirements.
“We are excited to provide financing to Crow, a leading developer with a proven track record in commercial real estate,” Michael Comparato, president of FBRT, said. “The Alexan property is one of the highest quality physical assets in our portfolio. FBRT continues to focus on expanding its multifamily presence. This loan is representative of exactly the type of credit we are looking for – a great property with a great borrower in a great location.”
