Downtown condo gets $50M in financing

Austin Business Journal - 2:32 PM CDT Monday

A high-end condo project that's nearly sold out in presales has secured a $50 million construction loan.

High Street Residential, a subsidiary of Trammell Crow Co., began site work on The Shore in June. The 22-story, 192-unit project is located on Town Lake in the Rainey Street neighborhood just south of downtown. The Shore is slated for completion in January 2008.

Fremont Investment & Loan provided the $50.2 million loan. Jeff Teetsel, vice president and regional manager of Fremont's Dallas office, says when Fremont began looking at The Shore, the company wanted to see at least half of the units pre-sold before agreeing to provide the loan. Today, nearly all of the units are sold -- evidence of the high level of interest in the project. That played a key role in Fremont's decision, he says.

Fremont Investment & Loan is a wholly-owned subsidiary of Fremont General Corp. (NYSE:FMT), a financial services holding company.