AUSTIN, Texas – Feb. 16, 2021 – Regions Bank on Tuesday announced the company’s Real Estate Banking team is providing construction financing to Journeyman Group for the development of a $52 million multifamily community called High Point Preserve.
High Point Preserve will be a 454-unit Class A garden-style multifamily community in northeast Austin. The property is next to the Big Walnut Creek Nature Preserve and has access to the 20-mile-long Walnut Creek Hike and Bike Trail.
High Point Preserve will help meet an urgent need for more work force housing in Austin and will support the community with affordable, income-restricted units near major job centers such as Dell, Tech Ridge Center, Domain, downtown, the new Tesla plant, and Samsung among many others.
“This is about much more than financing a new residential development; this is about connecting more people and families with safe, affordable and accessible places to live,” said Nick Welch, Vice President with Regions Real Estate Banking. “As financial professionals, one of the greatest ways we can make a difference for our communities is by supporting new options for affordable homes. We are proud to work with Journeyman Group in the establishment of this new community.”
The garden apartment community will encompass 19 buildings spread across roughly 70 acres. Property amenities will include a fitness center, sports court, grilling stations, clubhouse, two resort-style pools, and a dog park.
Journeyman Group is a fully integrated development group of companies with a focus on multifamily, hospitality, and senior housing in the Austin area. Journeyman Group have completed more than $1 billion in completed project value since its founding in the mid-1990s.
In the last few years, the company has or is currently developing over 4,800 multifamily units, several hotel projects, and six assisted living projects. High Point Preserve is expected to be completed by March 2023.
Regions Real Estate Banking is a team of four business groups – Real Estate Corporate Banking, Income Property Finance, Homebuilder Finance and Regions Affordable Housing – strategically assembled to meet the needs of professional real estate companies, developers and investors.
Regions delivers competitive products with superior service marked by speed, certainty and creativity, leveraging the bank’s full capabilities to offer a wide range of integrated banking solutions to help real estate businesses succeed and grow.
More information about Regions can be found at www.regions.com. Additional information on Journeyman Group can be found at www.journeymangroup.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $147 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,400 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.