Meridian Capital Group Arranges Financing for The Belvedere, a Luxury Condominium Development in Downtown Austin, TX

March 31st 2025

Austin, TX — Meridian Capital Group has arranged a $154.5 million construction loan on behalf of Pearlstone Partners for The Belvedere, a 158-unit, residential condominium community, along with a commercial retail suite totaling 236,019 SF located at 300 Pressler Street in the heart of Downtown Austin.

The loan, provided by Benefit Street Partners, was a three-year full-term interest-only loan, underscores the strength of the sponsorship, the submarket, and the institutional appeal of the project.

The Belvedere presents a rare opportunity to develop over three acres of contiguous land in Austin’s urban core. The project will comprise approximately 300,000 square feet of residential and commercial space thoughtfully designed to meet the evolving demands of the market. With construction anticipated to commence in the second quarter of 2025 and completion targeted for the third quarter of 2027, The Belvedere will deliver a high-caliber living experience in one of the country’s most dynamic and rapidly growing cities.

Distinguished by its access to green space and connectivity to the Butler Hike and Bike Trail, The Belvedere will offer a unique blend of urban living and outdoor amenity, further enhancing the fabric of the surrounding neighborhood.

“This transaction is a strong signal that capital is indeed available for the right sponsor,” said Meridian Senior Managing Director, Benjamin Nevid.  “Pearlstone’s unparalleled expertise in the Austin market, coupled with the dynamic team at Benefit Street, led by Managing Director David Elgart, made this execution seamless from start to finish.