JLL arranges construction loan for first phase of The Riverfront development in Waco, Texas
The 266-unit multi-housing property will be located in the new mixed-use district along the Brazos River in downtown
DALLAS, April 22, 2020 – JLL Capital Markets announced today that it has arranged construction financing for The Riverfront Lofts, a 266-unit, Class A multi-housing project, which will be the first phase of The Riverfront mixed-use waterfront district in downtown Waco, Texas.
JLL worked exclusively on behalf of the developer, Catalyst Urban Development, to secure the floating-rate construction loan that was provided by First United Bank. This development is the result of a collaborative multi-year effort leading to a proactive public/private partnership with the City of Waco aimed at creating a vibrant urban riverfront experience complete with a new public park, farmers market venue, interactive streetscapes and destination venues.
The Riverfront Lofts will be the first phase of the planned mixed-use district and will be constructed on a 6.37-acre site along S. University Parks Drive just west of Interstate 35 and within walking distance to the Baylor University campus and Waco’s largest attraction, Magnolia Market at the Silos. The property will be an urban residential project designed to combine seamlessly with the upcoming restaurants, hotel, small office and public uses within the walkable urban district that is situated along the Brazos River. The buildings are designed in a Texas loft style that will create a distinct identity for the community and will feature a signature sign that will add a unique touch to this downtown expansion.
This first residential phase will include amenities such as a clubroom with a large fitness facility, coffee lounge, entertainment and gaming areas, community catering kitchen with dining area, and a fully amenitized business center with work rooms. Homes will feature high ceilings, designer finishes, large windows, built-in shelving, walk-in closets, unique lighting and exterior balconies. Units will offer multiple options for a ground-floor home office with the option to hang signage if desired. The property will also offer a host of parking options, including structured parking, private garages, covered spaces and convenient front-unit parking along the streets.
The JLL Capital Markets team representing the borrower was led by Managing Director Jeremy Sain.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Catalyst Urban Development
Catalyst Urban Development (Catalyst) is a Dallas-based commercial real estate firm focused on planning, development, finance and investment with a diverse portfolio of experience. Led by Paris Rutherford and Rhys Heinsch, Catalyst is currently developing more than $300 million in urban housing, mixed-use and transit-oriented projects. Since 2009, Catalyst has collaborated with more than 50 public and private entities, received national and regional awards from ULI, NAHB, NDC, APA and NCTCOG, and has procured or facilitated more than $2.5 billion in debt and equity.
About First United Bank
Established in 1900, First United has more than 85 bank, mortgage and insurance locations throughout Oklahoma and Texas. It is one of the largest, well-capitalized banking organizations in the Southwest with assets of more than $8 billion, and it is among the largest privately held community banking organizations in the U.S. First United provides a full range of financial services including banking, mortgage, insurance, and investment products and services, and is dedicated to inspiring and empowering others to Spend Life Wisely®. Learn more at firstunitedbank.com.