A condominium tower rising in the Rainey Street Historic District has obtained financing that should keep the project, which already seems to have some solid momentum going, moving steadily forward. 

On Tuesday, Vesper co-developers  Pearlstone Partners and ATCO Properties and Management announced that they have secured $130 million in construction financing for the project. The funding comes in the form of a loan from MSD Partners, formed by the partners of a company that exclusively manages Michael S. Dell and family’s assets. This is the first time that MSD, which operates from offices in New York and Santa Monica, California, has financed a project by Austin-based Pearlstone and New York-based ATCO. Pearlstone and ATCO’s total investment in the project is $165 million.

The developers recently revealed design details for the new 41-story building, which will bring 284 residences to the area. Located at 84 East Avenue, the 270,000-square-foot high rise will offer penthouses, one-bedroom, and two-bedroom condos with an average size of 975 square feet, starting at around $500,000. Planned amenities include a rooftop pool with cabanas, an outdoor kitchen, a fireplace, a lounge, and a clubhouse; a resident fitness center with private spin and yoga studios; a dog park and dog-washing station; a 24-hour concierge; valet parking; a community courtyard; co-working space; and a public art gallery on the ground floor. Units are expected to be completed by 2024.

The loan marks another milestone in the realization of the project, to be built alongside a number of new high-rises in the popular area of Downtown. “This well-designed building will be a significant addition to the Rainey Street Historic District,” said Adam Piekarski, MSD Partners’ co-head of real estate credit. “The project also deepens MSD’s longstanding commitment to Austin, which continues to demonstrate extraordinary growth.”

In addition to Pearlstone, ATCO, and MSD, other project partners include STG architects, landscape architecture firm DWG, interior designers McCray and Company, general contractor AECOMHunt, and civil engineers at Wuest Group.

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