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.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $54.5 billion in assets under management as of December 31, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $54.5B is gross and includes AUA ($1.6B), and debt ($0.6B) as of 12/31/18. Net AUM for Real Estate Investors is $53.9B as of 12/31/18.
About Stream Realty Partners
Stream is a commercial real estate firm with locations across the country. The company's full-service offerings cover the broad spectrum of leasing, management, development, construction and investment sales services. In addition, Stream specializes in sourcing investment opportunities for the firm and its clients. Since its formation in 1996, Stream has executed $3.4 billion of acquisitions and developments totaling 29 million square feet of office, industrial, data center and retail properties. Stream currently leases and/or manages over 170 million square feet across the nation, including 17 million square feet of owned properties. Visit streamrealty.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.