HFF Arranges $106M Construction Loan for 70 Rainey
- Jan 11, 2017
Austin, Texas—HFF announced it has arranged $106 million in financing for the development of 70 Rainey, the 34-story, Class AA+ condominium project with which Sackman Enterprises plans to enter the Austin market.
HFF worked exclusively on behalf of the New York-based developer and its partner, Starryland USA Corp., placing the construction loan with ACORE Capital LP. The HFF team representing the borrower was led by Director Robert Wooten, Senior Managing Director Doug Opalka and Associate Director Scott Wadler.
70 Rainey will be situated on the southern end of the Rainey Street District, offering easy access to Lady Bird Lake and the Town Lake trail system, as well as various retail, restaurant and entertainment venues along Rainey Street and in downtown Austin. The development is slated for completion in 2018 and aims to earn LEED Gold certification.
The project will consist of 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 or balconies in all units. Furthermore, the condominium will boast an amenity deck positioned 100 feet above ground level with 10,000 square feet of indoor space and 20,000 square feet of outdoor space featuring vertical gardens, a swimming pool, water lounge, cabanas, fire pit lounges, gaming areas and outdoor grilling stations.
Image courtesy of Sackman Enterprises