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Online Partnering of Developer, Investor Closes Deal in Six Days

AUSTIN-An on-line meeting of a developer and equity investor--both based in Dallas--has given new meaning to the speed of the Internet, says Denver-based EquityCity, which has partnered the two for an $8.1-million, 31-unit luxury .

By Connie Gore | Updated on September 24, 2000

AUSTIN-An online meeting of a developer and equity investor–both based in Dallas–has given new meaning to the speed of the Internet, says Denver-based EquityCity, which has partnered the two for an $8.1-million, 31-unit luxury condominium project in Austin’s Westlake area.

In a record-breaking six days, Limestone Inc. had been linked with Winston Capital Corp., which is putting up $200,000 for Lake Austin Condominiums, a one-year-old development plan that can now break ground in 45 days. Dave Martin, EquityCity’s vice president of operations, tells GlobeSt.com that Limestone principal Jim Whitehead had sourced the deal Aug. 29 and sealed it Sept. 5 after the opportunity had been discovered by Winston principal Richard Barge. The irony of the six-day deal is both the developer and investor are located in the same town, knew of each other, but didn’t realize their compatibility until Barge saw the investment opportunity and realized it met his company’s criteria for backing.

“By clearly outlining our deal parameters to EquityCity we were able to far more efficiently prescreen deals prior to our own screening process. This resulted in a very clean and quick transaction,” says Barge.

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