bxmt gives $675m production loan for downtown austin megaproject


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waterline will rise seventy four stories and include the first 1 resort in texas.

they are saying the entirety is greater in texas, and the country’s quickly-to-be tallest building simply took one step nearer closer to reaching its lofty crown after touchdown a $675 million production loan.

blackstone mortgage consider (bxmt) supplied the financing for waterline, a downtown austin excessive-upward thrust being developed through lincoln property agency (lpc) and kairoi residential.

“we preserve to look sturdy demand for brand spanking new, pleasant-in-class residential, office and hospitality assets in excessive-increase markets like austin and are excited to help this trophy, combined-use improvement in order to make a meaningful contribution to the network in addition to the austin skyline,” katie keenan, ceo of bxmt, said.

whilst finished in 2026, waterline will upward thrust seventy four memories and include 352 luxury houses, seven hundred,000 square feet of office area, and the 251-room 1 hotel austin — the primary texas region for the sh inn resorts’ sustainability-focused, nature-inspired hospitality brand.

suitably, the builders are focused on leed gold certification throughout the building which — at 1,022 ft — will exceed by using 20 feet texas’ tallest present building, the 1960-built jpmorgan chase tower in houston.

“downtown austin offers one of the most dynamic markets and skylines within the nation, and we’re excited to help pressure its ongoing transformation,” seth johnston, senior vice president of lpc, said in organized feedback. “waterline marks a brand new milestone for downtown no longer simplest because of its height however additionally due to the tremendous effect this mission will have on improving connectivity, enhancing public facilities, and attracting more humans to this beautiful area of downtown.”

waterline is the 1/3 high-rise in downtown austin that dallas-established lpc has kicked off within the last three years by myself, and includes public quarter investment board (psp investments) — considered one of canada’s largest pension funding managers — as an fairness companion.

the kohn pedersen fox-designed tower will upward push above a 3.3-acre campus on the intersection of waller creek and austin’s valuable female chicken lake, and feature ground-to-ceiling windows. its floor floor will consist of 24,000 square feet of retail and eating place space overlooking waller creek and waterloo greenway, which winds alongside the creek.

the 1 motel will make its austin debut with rooms occupying the building’s backside thirteen flooring, a ballroom and assembly spaces on the 14th floor and a rooftop pool on the 16th ground. the tower’s workplace element will occupy the subsequent 27 tales, with upscale residences filling the pinnacle 33 floors.

“waterline will provide a definitely unique experience with unrivaled perspectives, global-magnificence amenities and a thoughtful layout that connects the building’s interior with the task’s unique herbal environment for the duration of the constructing,” michael lynd jr., ceo of kairoi residential, stated.

“we are pleased to be increasing our portfolio exposure to high-conviction markets and green property in one of the fastest growing towns in the u.s.a.,” stated carole guérin, managing director and head of americas, actual estate investments at psp investments. guérin delivered that the funding presents “tremendous upside capacity as the town of austin maintains its growth to come to be a top-tier u.s. marketplace that offers excessive excellent of existence, a supportive commercial enterprise surroundings, exciting employment possibilities and a hotbed for era and innovation.”

the bxmt financing follows its $270 million loan in june for columbia assets accept as true with’s trophy workplace belongings at 799 broadway.

“we stay up for persevering with to lend on low-leverage, extraordinary tasks and serving as a companion to properly-capitalized, experienced sponsors like lpc, kairoi, and psp investments,” keenan stated of the waterline mortgage.

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