Dwell Downtown Austin Blog

Downtown Austin W Condos – Financing in Place

Posted in Condos, Downtown Austin Condos by Bryan Cady on November 6, 2009

W Hotel Residences and Condos - Downtown Austin

The Dallas office of Holliday Fenoglio Fowler LP (HFF) has arranged a $120 million recapitalization for the W Hotel & Residences, a mixed-use project under construction in downtown Austin’s 2nd Street District.

Working on behalf of Stratus Properties Inc. and the Canyon-Johnson Urban Fund, HFF placed a new five-year construction loan originated by CLG Hedge Fund LLC, a hedge fund affiliated with Beal Bank Nevada. This loan is replacing an original $165 million construction financing through Corus Bank that HFF secured on behalf of the borrowers in 2008.

As part of the recapitalization, Stratus and Canyon-Johnson are also contributing $45 million to the project.

Due for completion in December 2010, the W Hotel and Residences will have 252 guest rooms and suites, about 159 residential units and approximately 54,000 sf of retail and office space. There will also be an entertainment venue operated by Live Nation and a new studio for KLRU-TV’s Austin City Limits show.

Source: Holliday Fenoglio Fowler LP

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