TODAY’S DEALS: Lynd, Endeavor Begin 36-Story Luxury Asset in Austin
A joint venture breaks ground on a luxury Austin asset; Oden Hughes begins a 570-unit community also in Austin; and KeyBank Real Estate provides $45.7 million in Fannie Mae and bridge loans for Atlanta properties.
Austin—A partnership comprised of San Antonio-based Lynd and Austin-based Endeavor Real Estate Group has broken ground on The Bowie, a 36-story luxury asset located in downtown Austin. Equity for the 358-unit project is being provided by an institutional investor advised by Dallas-based L&B Realty Advisors LLP. The asset is designed by Dallas-based HKS Architects and will be built by Houston-based Harvey-Cleary Builders, making this a true Texan development.
“Lynd and Endeavor have assembled an excellent team to design and build what we believe will be one of the finest luxury residential rental buildings in all of downtown Austin,” says Michael Lynd, Jr., chief executive officer of Lynd. “Together, Lynd, Endeavor and L&B are focused on delivering a residential experience that reflects the unique spirit, texture and culture of Austin. This is a special project with a fantastic location.”
Located at 311 Bowie Street, the community will stand along the banks of Shoal Creek, directly across the street from Whole Food’s headquarters and flagship grocery store. The tower itself will include 4,000 square feet of ground floor retail, a 463-space parking garage on floors one through seven, 41,000 square feet of office space on floors eight and nine, and residences on floors 10 through 35. The 36th floor rooftop will house the highest swimming pool in Austin, as well as the fitness center.
Building amenities include a landscaped deck on the 10th floor with a dog run/wash area and seating areas. The clubroom of the 31st floor will feature an outdoor deck with a fire pit, grilling area and seating area with an overhead trellis. The rooftop also features a catering kitchen and additional grilling areas.
Oden Hughes begins 570-unit asset in Austin
Landmark SouthparkAustin—Oden Hughes has begun construction of the first phase of a new apartment project near the Southpark Meadows mixed-use project in Austin. Known as Landmark Southpark, the first phase of the community consists of 285 apartments that will range from 582 to 1,388 square feet.
Wells Fargo provided the construction loan for the first phase. Kelly Grossman is the project’s architect, and Bury + Partners is the engineer. Construction of the first phase is expected to wrap up in the first quarter of 2014.
This is the fifth property for Oden Hughes, which was formed by industry veterans Steve Oden and Craig Hughes in 2010. Amenities will include a pool, clubhouse, fitness center, gaming center and dog park.
Austin is a hot market for a number of reasons, according to Pat Jones, founding principal of Apartment Realty Advisors.
“The Austin market in general is one of the strongest in the country, with improving rents and high occupancy levels. Landmark Southpark has a particularly competitive location with outstanding access to I-35 and immediate proximity to one of the largest retail destinations in the region.”
KeyBank provides $45.7M in Fannie Mae, bridge loans for Atlanta properties
Atlanta—KeyBank Real Estate Capital recently closed two loans totaling $45.65 million for two multifamily properties in Atlanta. The first was a $21.75 million, seven-year Fannie Mae DUS fixed rate loan for Centennial Holding Company. Jane Z. Harrison, a regional client executive in KeyBank’s Real Estate Capital Group in Atlanta, worked with the borrowers to arrange financing on Century Skyline, a Class A mid-rise apartment complex in Atlanta. The short time frame of 29 days from application to closing permitted the borrowers to meet their acquisition deadline.
The second was a $23.9 million, two-year bridge loan for PRP and Hathaway Development Partners. Additional terms of the loan include an extension option for one year. Senior Vice President Lawrence Rondon from KeyBank’s Income Property Group in Washington, D.C., worked with the borrowers to arrange financing on Ansley at Princeton Lakes, a 306-unit, Class A garden-style apartment complex in Atlanta. With the loan, the borrower was able to refinance existing debt on a floating rate, non-recourse basis.
