Construction Financing Moves Forward University of Texas at Austin Build
Amid the COVID-19 pandemic, FourPoint Capital Markets was able to work successfully alongside the developer, Focal Point Development, and lender to push this loan closing across the finish line.
AUSTIN, TX—FourPoint Capital Markets has arranged construction financing for the development of The Point North, a student housing community located pedestrian to The University of Texas at Austin. Craig Miller of the FourPoint debt & structured finance team arranged the construction loan on behalf of Focal Point Development with a specialty lender.
“Amid the COVID-19 pandemic, we were able to work successfully alongside the developer and lender to push this loan closing across the finish line.” said FourPoint Director Craig Miller.
The boutique 76-bed, three-story development is a block north of the UT Austin campus and has proposed amenities that include an outdoor amenitized courtyard, a fitness studio, and two study lounges. Unit interiors will have top of the line finishes and each bedroom will be fully furnished. The Point North will be located adjacent to both the UT School of Law and UT Department of Engineering and is scheduled for completion in summer 2021.
“Despite the challenges that occurred due to COVID-19, The Point North was executed on time in an environment that became increasingly difficult to navigate.” says Focal Point Development principal Bret Bunnett, in a prepared statement.