The Austin-San Antonio Deal Sheet
HFF arranged a $248M refinancing for a retail portfolio totaling 20 properties and 2.1M SF in Houston, Dallas and San Antonio. HFF worked for the borrower, Global Fund Investments, to place the long-term, fixed-rate loan with TIAA-CREF. Loan proceeds were used to refinance existing debt and recapitalize the properties. The 95% leased portfolio of 20 properties includes tenants H-E-B, Kroger, Kohl’s, LA Fitness, Petco, Golfsmith, 24-Hour Fitness, Starbucks and T.J.Maxx. HFF’s debt placement team was led by senior managing director Mike Tepedino, managing director Michael Gigliotti and director Cameron Cureton.
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Mason Joseph Co closed a $28.2M loan for the construction and permanent financing of Ranchland Springs Apartments, a proposed 292-unit apartment community in San Antonio. The financing was secured through the US Department of Housing and Urban Development for a low-rate, non-recourse loan that is fixed for the initial 20-month construction period and a subsequent 40-year term. Ranchland Springs Apartments is being built on a vacant site at IH 10 and Ranchland View near Fair Oaks Ranch in the I-10 Corridor. The project is being developed by Versa Development along with Athena Domain. Galaxy Builders will serve as the project’s general contractor.
SALES
The Society of St. Vincent de Paul – Diocesan Council of Austin purchased a vacant retail center at 901 W Braker Ln in Austin with plans to convert the 25k SF building into offices, thrift retail, a donation processing and storage warehouse, and a coffee shop and deli. Upon completion this spring, the Society will relocate its existing thrift store from 1327 S Congress and officially open the Vincentian Family Center and Thrift Store. CBRE’s Gaines Bagby and Ace Schlameus repped the Society. KW Commercial’s Richard Hall repped the seller, Lu Grocery Center.
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Lantower Residential acquired The Lodge at Warner Ranch, a 358-unit garden-style community at the east corner of IH-35 and SH-45 in Austin.
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Generational Commercial Properties and HTZ Investments purchased a 34k SF site at 801 Barton Springs in Austin with plans for a new office building featuring 91k SF of office and 1,800 SF of retail. Four stories of office will sit atop four and a half levels of parking and feature views of the Austin skyline and greenbelt. Construction should start in the first half of this year. AQUILA Commercial will lease the building.
LEASES
Cousins Properties signed Navitus Health Solutions to a six-year, 26k SF lease at Research Park V in Austin. Navitus is the second major customer to commit to Cousins’ 173k SF Class-A office building. In October, Planview signed a 52k SF lease at Research Park V. It is the last building in a five-building complex that Cousins has developed and should open this quarter. Cresa’s Stayton Wright and Tim Rikkers repped the tenant. JLL’s Rachel Coulter and Kevin Kimbrough repped the landlord.
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AQUILA Commercial inked a new lease and two renewals at 1717 W 6th St, including Bloomfire, which renewed its lease for 13k SF. AQUILA’s Bethany Perez and Chad Barrett repped the landlord.
NEW CONSTRUCTION
The development team of Aspen Heights, Constructive Ventures and CIM Group broke ground on The Independent, a 58-story, 370-unit condominium tower in Downtown Austin. At the corner of West 3rd Street and West Avenue, The Independent will be the tallest residential tower in Austin and west of the Mississippi. The Independent’s 370 residences will start in the mid-$400,000s. Targeted opening is 2018.
