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70 Rainey Gets Development Mega-Funding

AUSTIN,TX—Holliday Fenoglio Fowler LP arranged $106 million in financing for the development of 70 Rainey, a 34-story, class-A condominium project in downtown.

70 Rainey A $106 million loan has been secured for 70 Rainey.

AUSTIN,TX—Holliday Fenoglio Fowler LP arranged $106 million in financing for the development of 70 Rainey, a 34-story, class-A condominium project in downtown. Working exclusively on behalf of the developer, Sackman Enterprises Inc., and its partner, Starryland USA Corp., HFF placed the construction loan with ACORE Capital, LP, a commercial real estate finance company.

Located on the southern end of the Rainey Street District, 70 Rainey will offer immediate access to Lady Bird Lake and the Town Lake trail system, as well as numerous retail, restaurant and entertainment amenities along Rainey Street and in downtown Austin. Due for completion in 2018, the LEED Gold-registered project will comprise 173 for-sale homes averaging 1,393 square feet with ceiling heights ranging from 10 to more than 13 feet, floor-to-ceiling windows, European Oak hardwood flooring, Miele appliances, wiring for automated shades and patios/balconies in all units. 

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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