HFF announced that it has arranged a $122.94 million construction loan for the development of River South, an iconic office development totaling 360,860 square feet in South Austin, Texas.
HFF worked on behalf of the borrower, Stream Realty Partners, to secure the construction loan through New York Life Real Estate Investors on behalf of New York Life Insurance Company.
Due for completion in 2021, River South will comprise 347,778 square feet of office and 13,082 square feet of ground floor retail within a 15-story glass structure. The state-of-the-art property will feature 37,000-square-foot average floorplates allowing increased flexibility for high density users, five levels of subterranean parking and a fitness studio.
River South has a premier location at 401 South 1st Street, which is at the confluence of South 1st Street, W. Riverside and Barton Springs Road just across Lady Bird Lake from Downtown Austin. This allows the property to benefit from Austin’s live, work, play lifestyle with immediate access to the world-renowned South Congress corridor, the Downtown employment hub and the iconic Austin neighborhoods of Zilker, Bouldin Creek and Travis Heights.
The HFF debt placement team representing the borrower included senior managing director Colby Mueck, managing director Robert Wooten, senior director Chris McColpin and analyst Jayme Nelson.