April 30, 2019
Pearlstone Partners and Newgard Development Group obtained a $87.9 million loan to build 48 East, a 33-story, 249-unit condo development in Austin’s Rainey Street district. Balance-sheet lender 3650 REIT originated the loan. Mike Guterman of Highland Realty Capital and Waterloo Real Estate Investment’s John Ghiselli arranged for the financing.
In addition to offering luxury units for sale, 48 East amenities will include a rooftop pool, viewing deck and fitness facility. Units will average 851 square feet. STG Design is the architect.
“This loan afforded us the opportunity to provide capital to a strong joint-venture sponsorship encompassing both local market knowledge and high-rise expertise to develop this transformative project in Central Austin,” said 3650 REIT’s Jonathan Roth. “The affordability of the units at 48 East, in tandem with its superior amenities and prime location, as well diverse dining and nightlife options, should help generate substantial demand for units at the property.”
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