510 South Congress Avenue Loan

In June 2020, Turnbridge acquired a $33.6 million whole loan at 95% of par, secured by a three-parcel, 6.0-acre assemblage at South Congress Avenue and Riverside Drive in Austin. The site was entitled for 1.37 million square feet of density under the South Central Waterfront District’s upzoning, giving Turnbridge a basis of $42 per buildable square foot, an 80% discount to comparable sales. When the borrower was unable to refinance at its October 2020 maturity, Turnbridge pursued foreclosure to take control of the underlying land. Seven days before the scheduled foreclosure auction, the borrower repaid the loan in full, and the property later sold at a price that validated Turnbridge’s discounted basis.