About this Property in Austin, TX

The borrowers purchased two adjacent properties on the corner of a busy intersection in a vibrant and growing area of Austin, TX. The borrowers secured a long-term lease with an established bar group that has several successful bars in the Austin area. With an exciting plan to transform the two properties into a pickleball-themed bar and a second bar with a separate theme, our borrower was looking to refinance their acquisition loans and access some additional funds for their portion of the tenant improvements. The tenant will fund 90% of the improvements and the remaining funds needed to construct the two bars will be paid through a construction holdback in the Enact Partners’ loan.