Blackburn Communities Lands $46.5M Refi on Leander Rental Asset
Blackburn Communities closed on a $46.5 million refinancing of the River Junction apartments in Leander. The project, completed in 2024, has 329 units. Bridge Investment Group provided the loan. The Walker & Dunlop Capital Markets Real Estate Finance team, led by Patrick Short and Clay Colvill, arranged the floating-rate, interest-only bridge loan.
Besides the 329 units, the garden-style multifamily community includes 17 townhomes across 15 residential buildings with one-, two-, and three-bedroom floor plans.
Community amenities include a pool, fitness center, clubhouse, coworking space, pet park, BBQ areas, and detached garages and carports.
The property, at 116 Talon Grasp Trail, benefits from accelerating occupancy as employment growth, led by the semiconductor industry and data center development, continues to drive demand.
Walker & Dunlop’s Patrick Short added, “River Junction is well-positioned to capitalize on the continued growth of North Austin, where strong employment fundamentals and renter demand are supporting new Class A communities.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout