Northmarq’s Austin office arranges new construction loan for Avalon Pointe student housing in Austin, TX

AUSTIN, Texas (October 2, 2024) — Northmarq’s Austin Debt + Equity team, led by Managing Director Cheryl Higley, along with Ryan Shoars, Noah Villicana and Haylee Williamson, successfully arranged construction financing for a 142-unit student housing project set to be built in the West Campus neighborhood, adjacent to the University of Texas at Austin.

Northmarq collaborated closely with the developer to secure the optimal financing solution in today’s lending environment. The construction loan provided up to 75% loan-to-cost, along with a built-in mini-perm option. The property spans 0.225 acres and utilized the Smart Housing Program in Austin, incorporating energy-efficient features and smart home technology to enhance sustainability and affordability for its residents.

“The Northmarq Austin debt team was delighted to find the right financing solution for this development,” Higley said. “Avalon Pointe will be a state-of-the-art student housing project, adjacent to the University. In today’s volatile lending environment, leveraging innovative financing solutions like this one is essential for meeting the growing demand for sustainable, affordable housing near major universities.”

Avalon Pointe is in the heart of the West Campus neighborhood, just one street over from the University of Texas campus. The project will be 10 stories and include a mix of studio, one- and two-bedroom apartments. Interiors will have 10-foot ceilings, stackable washer and dryers, smart thermostats, stainless steel appliances, garbage disposals, vinyl flooring, and quartz countertops. Property amenities include a first-floor study lounge, fitness center, EV charging stations, and a 10th floor social room.