Wilson Capital's Jovie Belterra development is nearly complete. The first building was occupied as of mid-June, and the second building is expected to be complete in September. WILSON CAPITAL

Austin Business Journal shares, "Wilson Capital, one of the busiest multifamily development firms in Austin, continues a refinancing spree that began in January. 

The latest effort comes in the form of a $35.2 million loan originated from Southern Realty Trust Inc. for the refinancing of Jovie Belterra, a partially complete apartment complex in the Belterra neighborhood between Austin and Dripping Springs, according to a July 8 announcement.

“Since the beginning of the year, Wilson Capital has successfully refinanced multiple properties in the greater Austin area,” said Taylor Wilson, the company’s president, in a written statement.  “These transactions are consistent with a portfolio-wide recapitalization strategy to support lease-up activities as well as provide debt maturities that reflect forecasted market conditions.” 

Florida-based Southern Realty Trust will hold $21.1 million of the deal, while $14.1 million was syndicated to an undisclosed affiliate.

“This investment aligns with our strategic thesis of supporting experienced sponsors in high-growth Southern markets,” stated Brian Sedrish, Southern Realty Trust CEO. “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. 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.”

Previous refinancing efforts from Wilson Capital include a bridge loan from Thorofare Capital for the refinancing of The Jovie at Pflugerville announced in April. In January, Wilson Capital refinanced its Brio property in Pflugerville and its Sommery development in Round Rock. Loan amounts weren't disclosed.

Jovie Belterra is a 150-unit active adult community for those aged 55 and up, according to the announcement. The project is more than 140,000 rentable square feet, and Wilson said that the first of two buildings opened for occupation in mid-June with the second expected to be complete in September.

Wilson Capital, which has focused most of its development efforts on Central Texas, according to its portfolio, has emerged as one of the top multifamily firms in the region. 

Though vertical construction on its Wilson Tower project downtown — once designed to be the tallest tower in all of Texas — has yet to begin, the firm ranked fourth on the Austin Business Journal's most recent list of the biggest multifamily developers in the region, with 2,135 apartment units under development or delivered in 2023. Wilson Capital's metro portfolio is widespread, with apartment projects rising from downtown to Dripping Springs to Pflugerville."


Source: Austin Business Journal 

Written by: Cody Baird

Published: July 8, 2024

Posted by Grossman & Jones Group on


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