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BTR Daily - February 5, 2025 - NexMetro enters Greater Austin market

BTR Daily - February 5, 2025 - NexMetro enters Greater Austin market

NexMetro enters Greater Austin market. Tower Capital arranges $100 million. JLL secures $35.4 million. Pretium commits $5 billion for home-builders. Quinn Residences appoints new SVP. Two new BTR deals.

Matt H & Aid Sopjani
February 05, 2025

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NEWS ROUNDUP

DEVELOPMENT: NexMetro enters Greater Austin market. NexMetro is set to debut Avilla Vista Ranch, a 150-unit luxury BTR community in Liberty Hill, TX. Scheduled to open in February, the development features detached, single-level homes with one- to three-bedroom layouts. Jason Flory, Managing Director for NexMetro's Austin & Atlanta Divisions, highlighted the broad appeal of these communities, noting their attractiveness to professional millennials, individuals undergoing life transitions, and retirees seeking simplified living.

FINANCING: Tower Capital arranges $100 million in financing. Tower Capital has successfully arranged nearly $100 million in construction financing for two BTR projects in the Sun Belt region. The larger of the two transactions is a $70.3 million financing package for Village at Borgata, a 287-unit BTR community being developed by Empire Group. Kyle McDonough, Managing Partner and Co-Founder of Tower Capital, along with partners George Maravilla, David Stull, and Noah Schott, played pivotal roles in arranging these financing deals.

FINANCING: JLL secures $35.4 million for 192-unit community. JLL has secured $35.4 million non-recourse construction loan for a 192-unit BTR community in Winter Haven, FL. Max La Cava, Pier Barinci, and Abbie Kushner of JLL arranged the loan.

FINANCING: Pretium commits $5 billion for home-builders. Pretium has announced a commitment of up to $5 billion to support home builders facing challenges in the current tight lending environment. The firm has already secured $550 million in initial commitments for this initiative. This capital infusion aims to fill the financing gap left by regional banks, providing builders with the necessary resources to continue developing and renovating housing across the United States. The fund's portfolio includes:

Vertical Construction Loans: Financing for single-family for-sale and build-to-rent communities.
Residential Transition Loans: Assistance for renovating older homes to make them eligible for conventional mortgages.
Horizontal Infrastructure Loans: Support for land developers and lot bankers to prepare land for residential construction.

PEOPLE MOVES: Quinn Residences appoints new SVP of Acquisitions. Quinn has announced the appointment of Zach Persky as Senior Vice President. In this role, Persky will spearhead the agency's Real Estate and Financial Services division, bringing a wealth of experience in strategic communications and media relations.

MUST ATTEND BTR EVENT

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Join industry leaders for vital discussions and deal-making opportunities!