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.
The property will also have an amenity deck with 10,000 square feet of indoor space and 20,000 square feet of outdoor space featuring vertical gardens, swimming pool, water lounge, cabanas, fire pit lounges, gaming areas and outdoor grilling stations. Positioned 100 feet above ground level, the amenity space will provide unobstructed views of downtown Austin, Lady Bird Lake and the Texas Hill Country.
The HFF team representing the borrower was led by director Robert Wooten, senior managing director Doug Opalka and associate director Scott Wadler.
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.
The property will also have an amenity deck with 10,000 square feet of indoor space and 20,000 square feet of outdoor space featuring vertical gardens, swimming pool, water lounge, cabanas, fire pit lounges, gaming areas and outdoor grilling stations. Positioned 100 feet above ground level, the amenity space will provide unobstructed views of downtown Austin, Lady Bird Lake and the Texas Hill Country.
The HFF team representing the borrower was led by director Robert Wooten, senior managing director Doug Opalka and associate director Scott Wadler.
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