The borrower was East Avenue Office Holdings LP. The office project is part of a development that will include office, retail, multifamily and a hotel in a pedestrian-friendly environment in the shadow of downtown Austin.
Bryant notes that the Austin office of Capmark closed approximately $75 million in construction financing in 2008. That, he said, "gave us a good feel for the financing that was available." Also, being in the Austin market on a daily basis gave Bryant's team the knowledge to get the lenders comfortable with the transaction, he says.
The overall project at the former university site is pegged as a $750-million development that, in addition to the new class A office space, will include 30,000 sf of retail space, a 210-room Hyatt Andaz and 315-unit apartment building being developed by AMLI Residential of Chicago.
The project involves demolishing the buildings that formerly housed Concordia University, which moved to a new campus at 2311 W. Rundberg Lane in northwest Austin.
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