Austin Capital Partners and Lincoln Property Company's massive private resort project that's centered around residential is getting a boost. The two have secured $870 million in financing to support the construction of Four Seasons Private Residences Lake Austin.
TYKO Capital provided the single-lender construction loan for the development, which will serve as Four Seasons' "first purely residential private resort," according to the CRE private equity firm. Also, the lender said that this is one of the largest construction loans ever originated in the luxury residential sector and speaks to Austin's ability to attract affluent families.
The project, along with private residences, calls for 28 villa lots, a marina with 50 boat slips and amenities including The Upper Clubhouse that will feature separate sports and bar lounges and a 300-foot pool. Other perks include a golf club, spa and wellness and a farm.
The site is positioned on a hill that's 380 feet above Lake Austin and will hold more than 2,000 acres of protected land. It's also roughly 20 minutes from downtown Austin.
"This financing moves Four Seasons Private Residences Lake Austin from vision to construction," Jonathan Coon, partner at Austin Capital, said in a statement.
"We set out to create an unparalleled private resort on Lake Austin. With TYKO, Lincoln, Four Seasons, and our construction partners, we are now focused on delivering that promise to our homeowners and club members."
Adelaide Real Estate, Cobalt Equities and JLL advised Austin Capital on the deal. Four Seasons Hotels and Resorts will manage the site once complete, although the community will not include a hotel.
While Austin has been an attractive migration spot since the pandemic, it has struggled significantly with rent growth as supply floods the market. In fact, the latest Apartment List report from May shows that rents in the city tumbled by 5.1 percent annually.
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