Alpine Income Property Trust (PINE) announced today that it has originated a first mortgage loan investment secured by a luxury residential development in the Austin, Texas metropolitan area. At closing, the company funded $14.1 million of a phase‑one loan, with a total commitment for phase one of up to $29.5 million.
The loan agreement provides for a second phase with a total commitment of up to $31.8 million. The interest rate for all amounts funded under both phases is 17.0 % for the initial period, steps down to 16.0 % during months 7 to 12, and to 14.0 % thereafter. The 36‑month loan will be repaid as collateralized home lots are sold, with sales expected to begin in late 2025.
This financing aligns with PINE’s barbell strategy, adding a high‑yield, short‑term loan to its portfolio of net‑lease properties. The $14.1 million funding provides an attractive yield and a source of capital that can be redeployed as the company anticipates proceeds from other investments. The transaction expands PINE’s income diversification and supports its goal of maintaining a well‑covered dividend while pursuing additional growth opportunities.
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