The first multifamily portion of a major mixed-use project in Waco, Texas, has received construction financing. JLL arranged a floating-rate construction loan of an undisclosed amount that was provided by First United Bank for Catalyst Urban Development’s project.
Riverfront Lofts, located along South University Parks Drive, offers 266 loft-style units on a 6.34-acre site. The units will feature walk-in closets and exterior balconies while multiple units have the option for a ground-floor home office with signage options. The property’s amenities include a clubroom, a fitness center, a coffee lounge, entertainment and gaming areas, a community kitchen, a business center. Riverfront Lofts also includes many types of parking like private garages, covered spaces, front unit parking and structured parking.
The community will be located off of Interstate 35 and within walking distance to Baylor University and Magnolia Market at the Silos, a popular shopping destination in Waco.
JLL Capital Markets’ Jeremy Sain led the team that arranged the loan for Catalyst. Sain also placed a $29 million mortgage loan for the purchase of a 250-unit community in Plano, Texas, in March 2019.
WACO’S NEW DISTRICT ON THE WATER
Riverfront Lofts and a 6,000-square-foot retail portion will make up the first phase of a multi-use project called The Riverfront that is being created through a public-private partnership with Catalyst and the City of Waco.
The project, known as the Brazos Promenade Riverfront Development, will take multiple years, beginning with the residential portion and later incorporating a full urban riverfront experience that will have a public park, a farmers market venue, an interactive streetscape and a destination venue. The district will also include restaurants, hotels, small offices and other public uses.