Austin-based Pearlstone Partners and New York-based ATCOProperties & Management today announced their securing of $130 million in construction financing from MSD Partners, L.P. for Vesper, the 41-story residential high-rise condominiums they are codeveloping at 84 East Avenue in Austin’s dynamic Rainey Street Historic District. Pearlstone and ATCO’s total investment in the project is $165 million. This is MSD Partners’ first financing of a Pearlstone/ATCO project.
“We are excited to commit to the Vesper condo project at 84 East Avenue,” said Adam Piekarski, MSD Partners’ Co-Head of Real Estate Credit. “Codeveloped by our highly experienced partners, Pearlstone Partners LLC and ATCO Properties & Management LLC, this well-designed building will be a significant addition to the Rainey Street Historic District and offer great value. The project also deepens MSD’s long-standing commitment to Austin, which continues to demonstrate extraordinary growth.”
A 41-story residential condominium tower situated on 0.41 acres, Vesper will offer 284 residential homes at an average size of 975 square feet.