Torchlight Investors has provided Monterone Canyon Creek Apartments in Austin, Texas with a $36 million mortgage, the firm announced in a statement.
The firm made the investment through its fourth Debt Opportunity Fund, which is targeting $1 billion for investments in commercial real estate securities such as CMBS, mezzanine debt, B-notes, preferred notes and financing for distressed mortgages. Torchlight has already made at least 24 investments through the fund, a source told Private Debt Investor, having held a first close in August of last year.
Fund IV had raised at least $414.4 million as of early September, according to a US Securities and Exchange Commission filing. Torchlight expects to hold a final close at some point in the fourth quarter.
Monterone Canyon Creek is a 27-building, 332-unit facility located in northwest Austin.
“With the lowest average vacancy rate in the Southwest region and favorable population growth relative to Texas and the overall U.S., Austin is a market poised for continued demand for multifamily properties,” Torchlight managing director Steve Schwartz said in a statement.
In June, Torchlight provided a $9.4 million loan for the refinancing and renovation of Northgate Village Apartments in San Antonio, Texas.
Torchlight was founded in 1995 and has $3 billion in assets under management. The firm is headquartered in New York City.