Flournoy lands $47M bridge loan to refinance Leander apartments as Austin rents continue to fall

Flournoy Companies secured fresh financing for the apartment complex it developed in the Austin suburb of Leander. The Columbus, Georgia-based firm secured a $46.5 million refinancing deal for River Junction Apartments, at 116 Talon Grasp Trail in Leander, a suburb of Austin, according to a release from Walker & Dunlop, which arranged the financing. The debt works out to $141,000 per unit. Walker & Dunlop’s Patrick Short and Clay Colvill put together the deal. Bridge Investment Group provided the floating rate, interest only bridge loan. The property was last valued for tax purposes at $68.4 million, according to appraisal district [...] This article originally appeared on The Real Deal. Click here to read the full story.