Aloft and Element Austin Downtown opened in 2017 as the first dual-branded hotel in Austin.
AUSTIN, TX—The Aloft and Element Austin Downtown opened in July 2017 as the first dual-branded hotel in Austin. The assets include the LEED-certified 278-room Aloft and 144-suite Element, along with two restaurants and bars.
Two years later, Holliday Fenoglio Fowler LP worked on behalf of the borrower, White Lodging, to place the 10-year fixed-rate refinancing loan with PGIM Real Estate Finance. Loan proceeds will be used to retire the existing construction loan, repatriate a portion of sponsor equity and cover closing costs.
The development is one block from the confluence of the Sixth Street Entertainment District and Congress Avenue, which provides live music venues, restaurants and retail. Additionally, the hotel is near the Second Street District, Austin Convention Center, University of Texas at Austin and the Texas State Capitol Building.
The HFF debt placement team representing the borrower consisted of senior managing director Danny Kaufman, managing director Christopher Carroll, senior director Jeff Bucaro and director Nicole Aguiar along with senior managing director Doug Opalka.
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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.
