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AUSTIN, TX-The developers of the 280,000-sf Whole Foods Market Headquarters here have paid off their construction financing with a $53-million permanent loan from John Hancock Life Insurance Company of Boston. The borrower was Lamar-Sixth Austin I Ltd, whose partners include the principals of Schlosser Development Corporation.

The seven-story development is located on 6.57 acres at the southeast corner of West Sixth Street and Lamar, which is in Downtown’s Market District. The Market District is an emerging retail, residential and office destination in the western part Austin’s CBD.

The headquarters includes 200,000 sf of office space and an 80,000-sf grocery store. On the roof of the building, there is a 30,000-sf amphitheater and public gathering space that is designed as a live music or speaking engagement venue. The grocery store is the largest Whole Foods Market in the chain.

The loan origination officer, John Fenoglio of Live Oak Capital, tells GlobeSt.com that the fully amortizing 25-year loan was a forward commitment made 18 months ago. “The key to the transaction was that John Hancock locked in the interest rate on the transaction,” he says.

The project was designed by HKS Inc. of Dallas. The general contractor was Hensel Phelps Construction Co. of Colorado. Whole Foods occupied the office space in December, and the store opened in March.

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