Franklin BSP Realty Trust, Inc. announced the closing of a $80 million loan facilitating the refinancing of the Alexan Waterloo, a 272-unit, 30-story, 2021-vintage luxury high-rise multifamily property located in downtown Austin, Texas, centrally located to the medical district. Crow Holdings Capital is the property developer and is a subsidiary of Crow Holdings, a privately owned real estate investment and development firm with more than 70 years of history and approximately $24 billion of assets under management. An initial advance of $78.0 million was funded at closing with future advances of $2.0 million available to the borrower.

The loan was structured with a two-year initial term and three one-year extension options, subject to the borrower meeting certain requirements.