48 East Avenue 48 East Avenueis a 249-unit 33-story project being developed in Austin's RaineyDistrict.

AUSTIN, TX—Not only is a Rainey District property setting a highbar for its construction loan amount, but also as one that isencouraging unit owners to rent out their units. An $87.9 million75% loan to cost nonrecourse construction loan was recentlyobtained for 48 East Avenue, a 249-unit 33-story project soon to beunderway.

The construction loan was provided by a private REIT thatcreates long-term relationships by originating, servicing andmanaging long- and short-term fixed-rate loans through maturity.The loan will enable the project to commence construction by theend of this month.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.