Financing secured for Class A multifamily development in Austin

AUSTIN, Dec. 2, 2024 – JLL Capital Markets announced today that it has secured construction financing for Far West Apartments, a 321-unit, Class-A multifamily community in Austin, Texas.

JLL represented the borrower, CSW Development, in arranging the ten-year, floating-rate loan through Poppy Bank.

Far West Apartments, located at 3525 Far West Blvd., will be nestled in the affluent community of Northwest Hills, offering convenient access to major highways Loop-1 and SR-183. This prime location provides residents with the perfect blend of suburban tranquillity and urban connectivity, surrounded by family-oriented neighborhoods, parks and restaurants, with easy access to Downtown Austin and major employers.

Far West Apartments, a substantial 282,609 net-rentable square-foot development, will offer a diverse range of living spaces including studios, one-, two- and three-bedroom units, with an average unit size of 880 square feet. Residents will enjoy a host of community amenities, including a clubroom, fitness center, pet spa, conference room, and a resort-style swimming pool. The project is scheduled to commence full operations in April 2027.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Doug Opalka, Senior Director CW Sheehan and Associate Samantha Jay.

"We're thrilled to have secured this construction financing for Far West Apartments, a premier multifamily development that will be the newest institutional-sized Class A community west of MoPac Expressway in over 20 years," said Sheehan. "The project's strategic location near top-rated public schools, combined with its role in providing an affordable alternative to homeownership in Austin's highly desirable Northwest Hills neighborhood, and positions the development for success in this high-demand submarket."

This is the second infill Class-A multi-family wrap project within 12-months in Austin for CSW. In light of this milestone, CFO and COO of CSW, Kevin Hunter, reflects on how the project is a testament to the strength of the market in this Austin trade area. “Our team was able to attract loan terms that were not readily available across all of Austin,” said Hunter. “I believe this can be attributed to the location and pent-up demand.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Based in Austin, Texas, CSW Development is a privately-owned, entrepreneurial, commercial real estate investment and development firm with a focused, opportunistic strategy dedicated to generating asymmetric returns for its investors through identification of niche opportunities in the multi-family, commercial, office, and land sectors. Founded by commercial real estate industry leaders, CSW Development has a proven track record for generating outsized returns for our investors while delivering assets with exceptional lasting value.

The CSW Development team has been in existence for over 20 years. Since their inception in 2004, they have successfully completed more than 100 real estate development projects with a combined market value of over $1.2 billion. CSW Development currently has over 25 projects under construction, under ownership or in the design and entitlement phase, with a combined value of over $700 million. Through our breadth of experience representing a wide array of successful companies, CSW Development has developed an efficient system supported by an experienced team to perpetuate the growth of our clients.

Since opening the first branch in January 2005, Poppy Bank has grown to over $6 Billion in assets with branches across the San Francisco Bay Area, Sacramento Area and Southern California and loan production offices in California, Nevada, Arizona and Texas. Poppy Bank is committed to providing the best products and services, which has propelled its success and garnered national recognition for performance. Poppy Bank is 5-star rated by BauerFinancial Inc., the nation’s leading independent bank and credit union rating firm and is recognized as one of the strongest financial institutions in the country. Poppy Bank has also been ranked as one of the best-performing banks in the nation by the ICBA and one of the best business banks and fastest growing companies by Inc. 5000. The Bank is governed by a strong team of Executive Officers and a dedicated Board of Directors formed entirely by accomplished business leaders. Poppy Bank’s mission is to meet the banking needs of clients and to make a positive difference in the communities served. For more information, visit www.poppy.bank.