Austin Office Project Lands $27M Construction Loan
Bank OZK provided the funds for the development of a five-story, 91,600-square-foot office building.
Red Bluff Development. Image courtesy of JLL
A partnership between HN Capital and Red Bluff Partners has obtained a $26.7 million construction loan for a 91,600-square-foot, Class A office project in Austin, Texas. JLL Capital Markets assisted the borrower in securing the financing package from Bank OZK.
The site is located in a qualified opportunity zone at 4713 E. Cesar Chavez St. Red Bluff Partners acquired the 1-acre land parcel in 2014. The first phase of the project calls for a five-story office building with street-level retail and a parking deck with 269 spaces. In the second phase, the partnership plans to develop a boutique hotel. The property is 4 miles from the Austin-Bergstrom International Airport and 3 miles from the city center.
The brokerage team included JLL Senior Directors Chris McColpin and De’On Collins, Associate Jayme Nelson and Analyst Alastair Barnes. In March, Collins facilitated the acquisition loan for Entrada Partners’ purchase of Travis Park Plaza, a 151,700-square-foot Class A office property in downtown San Antonio.
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