StoryBuilt to Break Ground on $50 Million Housing Development, Funding Led by Hearthstone and Financing with Stearns Bank | Financial Buzz

StoryBuilt to Break Ground on $50 Million Housing Development, Funding Led by Hearthstone and Financing with Stearns Bank

StoryBuilt, an urban infill specialist developing communities in five of the fastest growing real estate markets in the country, announced today that it will break ground on a $50 million housing development with funding led by Hearthstone, a leading investor in America’s residential real estate market, and financing provided by Stearns Bank.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210607005462/en/

StoryBuilt's George community in Austin (Photo: Business Wire)

StoryBuilt’s George community in Austin (Photo: Business Wire)

“We are pleased to announce our second real estate investment with StoryBuilt, and our first StoryBuilt investment in Texas,” said Mark Porath, CEO at Hearthstone. Hearthstone’s initial investment was in a Seattle project in the third quarter of 2020. Porath added: “The housing market in Texas remains strong, making this a solid investment opportunity. We feel confident in the financial and real estate expertise of StoryBuilt’s management, and particularly in their scouting of Texas locations such as Austin.”

The Hearthstone investment will go towards building a 116-home community in East Austin, called George, at 2211 E M Franklin Avenue, which will consist of 80 townhomes and 36 single family homes. The townhomes have one- and two-bedroom options with balconies, private yards, and parking. They range from 626 to 1,700 square feet. The 36 single-family homes offer a variety of two- to three-bedroom floor plans with yards and 2-car parking, and range in size from 1,468 to 1,728 square feet. The first homes are expected to be complete in the fourth quarter of this year.

For more information on George, visit https://george.storybuilt.com or call 737-200-2523. For renders, visit:

https://www.dropbox.com/sh/eechqj7cznml08w/AACNaqebRrbAJYhhrXWjsISEa?dl=0

About StoryBuilt:

Founded in 2001, StoryBuilt has built over 40 communities in five of the fastest growing cities: Austin, Dallas, San Antonio, Seattle, and Denver. Across all five markets, StoryBuilt has a $1 billion pipeline of future product in owned and controlled urban infill land inventory. For more information, visit www.storybuilt.com.

About Hearthstone:

Hearthstone is regarded by homebuilders as a market-leader for innovative financing solutions. Since its inception in 1992, Hearthstone has funded over $15.5 billion of acquisition, development and construction financing to public and private homebuilders nationwide. Hearthstone has managed real estate investments for over 50 public and private pension funds, endowments, and investment brands. Hearthstone has managed more than $1.7 billion of advisory work which includes consulting and financial investment banking services. Additionally, Hearthstone is the founder of the Hearthstone BUILDER Humanitarian Award which has granted $6.3 million over the past 21 years to home builders who have demonstrated a lifetime commitment to public service.

Contacts

Laura Craddick – Craddick PR

laura@craddickpr.com – 512.507.6656

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