Construction Loan of $32M Secured for Texas Project
Rastegar Property Company has secured a $31.7 million construction loan from Trez Capital to initiate the first phase of Infinity Square, a 318-acre master-planned community in Kyle, Texas. This phase includes 329 single-family lots, with national builders CastleRock Communities and Brightland Homes leading the construction.
Originally Published in Commercial Observer
Published on: July 30, 2024
Ari Rastegar’s Rastegar Property Company has landed $31.7 million of construction financing to build the first phase of a 318-acre master-planned community between Austin and San Antonio, Commercial Observer can first report.
Trez Capital provided the loan on Rastegar’s planned Infinity Square project in Kyle, Texas, that will consist of 1,000 single-family homes, 1,400 apartments, 185,000 square feet of commercial space and an elementary school. The first phase will include 329 single-family lots.
“In a challenging landscape, we are excited to have closed this funding deal, which will provide a major capital injection allowing us to activate our ambitious plans to construct the first phase of Infinity Square,” Rastegar, founder and CEO of the namesake company, said in a statement. “Since acquiring the site in two parts in 2019 and 2021, Rastegar has been working hard to create the infrastructure of the project, and we’re thrilled to partner with Trez Capital to help fund this next milestone.
The start of the master-planned community in Kyle follows a complex zoning approval process that involved working with city officials to build a school and set aside green space on what had formerly been farmland. Rastegar, who founded his company in 2015, has also navigated market challenges during the planning stages for the development over the last few years amid rising interest rates from previous near-zero borrowing conditions .
