Z Modular has refinanced its Flatz 512 multifamily development in San Marcos Texas with a new $62.3 million senior bridge loan. The financing was provided by Castle Lanterra and InterVest Capital Partners and replaces a previous construction loan originated in 2022. Flatz 512 is a 384 unit community located along the Interstate 35 corridor between Austin and San Antonio and reached completion last year. The property is currently in lease up with occupancy near stabilized levels according to disclosures
Built using Z Modular’s prefabricated steel construction approach the project consists of nearly four hundred thousand square feet across eight buildings assembled from factory completed modules. Units span studio through three bedroom layouts with rents positioned for workforce and regional renters. Community amenities include coworking space fitness facilities sports courts and outdoor recreation areas while Greystar oversees property management. The refinancing reflects continued lender interest in stabilized Sun Belt multifamily assets supported by population growth and employment expansion. It also highlights the role of modular construction in accelerating delivery timelines and controlling costs. As Z Modular expands similar developments across Texas and Arizona the Flatz 512 transaction underscores how alternative building methods are paired with conventional capital markets today nationwide
Why it matters
The transaction highlights how modular construction and bridge financing are supporting faster delivery of multifamily housing in high growth Texas markets.
Source Attribution
Source: Company disclosures
