Origin Credit Advisers Closes $50M Texas Multifamily Loan
Origin Credit Advisers LLC has closed a $50 million bridge loan for Evergreen at Whisper Valley, a 348-unit multifamily development in Manor, Texas, extending the firm’s recent lending activity across Sun Belt markets.
The financing was originated for the Origin Real Estate Credit Fund, a multifamily-focused interval fund. Origin did not disclose the loan’s interest rate, maturity, leverage or other financial terms.
The transaction marks Origin Credit Advisers’ third bridge loan closing in approximately 45 days. The firm has provided $159.7 million in aggregate financing for two Texas properties and one North Carolina asset during that period.
Evergreen at Whisper Valley is part of a planned mixed-use community in the Austin metropolitan area. At full build-out, the broader development is expected to include 7,500 single-family and multifamily residences, garden offices and retail villages featuring restaurants, shops, grocery stores and neighborhood services.
“We continue to believe that vintage matters for Class A residential communities in today’s multifamily development and private debt markets,” said Tom Briney, president and chief investment officer of Origin Credit Advisers.
Briney said Evergreen was delivered as multifamily completions began slowing, potentially strengthening its competitive position as supply growth moderates.
Origin earlier this month announced a $60.2 million bridge loan for Willows at Stallings, a 315-unit development in Stallings, North Carolina. In June, it closed a $49.5 million loan for Grayson on 4th, a 336-unit property in Fort Worth, Texas.
The Origin Real Estate Credit Fund invests across public and private multifamily credit, including direct loans, Freddie Mac-backed bonds and commercial real estate collateralized loan obligations. Its Class I shares trade under ORRIX, while Class D shares use ORROX.
ORRIX is available through Schwab, Fidelity and Pershing, as well as directly through administrator Ultimus Fund Solutions. Class I shares carry a $5,000 minimum investment and do not require investors to be accredited.
Pictured: Evergreen at Whisper Valley.
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