Financing secured for Class A multi-housing development in Central East Austin
JLL Capital Markets arranged the construction financing for the 338-unit Lirica East Austin, located at 5211 E. 7th St. in Austin, Texas
AUSTIN, TEXAS – Dec. 18, 2023 – JLL Capital Markets announced today that it has arranged the construction financing for Lirica East Austin, a unique, five-story, 338-unit, Class A multi-housing development located in Central East Austin.
JLL worked on behalf of the borrower, Central Southwest Texas Development, LLC DBA CSW Development, and the equity partner, Blueprint Local, to secure the loan.
With an anticipated completion of Q1 2026, the property will feature studio, one-, two- and three-bedroom units with an average size of 799 square feet. Community amenities will include a swimming pool and cabanas, a club room and deck arena, a two-story fitness center, a leasing center, a coworking space, a fifth-floor sky lounge overlooking the Austin Downtown skyline, an outdoor courtyard and a dog park area. Lirica East Austin will also offer a 496-space parking garage and a 0.25-acre pocket park.
Located at 5211 E. 7th St., the property is positioned just three miles east of downtown Austin. The site resides in an Opportunity Zone and sits at the interchange of E. Cesar Chavez Street, E. 5th Street and US Highway 183, providing direct access to prominent east/west and north/south thoroughfares. The property’s ideal location is also a short drive from Austin-Bergstrom International Airport and Oracle’s HQ Campus and is within walking distance to multiple trail and public transit networks, dining, retail and entertainment.
“Our team has worked diligently to secure permits necessary to start construction, so we are excited to be able to break ground at a time where high-quality construction trades are readily available due to the challenging capital market environment,” said Kevin Hunter, CFO and COO of CSW Development. “With a considerable amount of growth happening in East Austin, from Tesla’s headquarters, numerous new local food and entrainment venues, major roadway improvements and the Austin airport expansion, we see the housing demand only increasing in this area as development activity progresses.”
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Doug Opalka, Senior Director CW Sheehan and Associates Scott Dickey and Samantha Jay.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CSW Development
Based in Austin, Texas, CSW Development is a privately-owned, entrepreneurial, commercial real estate investment and development firm with a focused, opportunistic strategy dedicated to generating asymmetric returns for its investors through identification of niche opportunities in the multi-family, commercial, office, and land sectors. Founded by commercial real estate industry leaders, CSW Development has a proven track record for generating outsized returns for our investors while delivering assets with exceptional lasting value.
The CSW Development team has been in existence for over 18 years. Since their inception in 2004, they have successfully completed more than 100 real estate development projects with a combined market value of over $1.2 billion. Through our breadth of experience representing a wide array of successful companies, CSW Development has developed an efficient system supported by an experienced team to perpetuate the growth of our clients.
About Blueprint Local
Blueprint Local is a real estate private equity firm that specializes in Opportunity Zone investing. Blueprint invests in institutional quality commercial real estate projects across growing markets in the Southeast & Texas and partners with local developers. Blueprint Local was named by Novogradac in 2023 to be in the top 5% of Opportunity Zone investors by equity invested, and Forbes in 2020 as one of the top ten impact-oriented managers of Opportunity Funds in the U.S.