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Jovie Pflugerville

Jovie Pflugerville

$32,750,000 Refinance

Pflugerville, TX | March 2024

Thorofare Capital has provided a $32,750,000 floating-rate senior loan for the refinance of the Jovie Pflugerville apartments, a 182-unit 55+ Active Adult Community located in the Greater Austin area.

Jovie Pflugerville is a Class A, newly constructed property that features Caesarstone countertops, pendant lighting, a white tile backsplash, stainless steel appliances, walk-in showers, and private patios or balconies. At the time of closing, the property was in its lease-up and well over 25% occupied.

The property offers extensive amenities and daily activities, including fitness classes, chef-led cooking and nutrition classes, morning coffee groups, pickleball tournaments, learning events and seminars, pharmacy delivery, and food truck catering.

The floating-rate, interest-only loan carries an initial term of 24 months with three conditional extension option and includes a reserve through stabilization.

The sponsor is an Austin-based, integrated developer, owner, and operator who specializes in the Texas residential development. The sponsor owns approximately 5,100 multifamily units locally and is the 5th largest residential landlord in the Austin metro area.