JLL secures $26.65M financing to develop Austin mixed-use property
The office and retail building site is within a Qualified Opportunity Zone
DALLAS, June 11, 2020 – JLL Capital Markets announced today that it has arranged $26.65 million in construction financing for the Red Bluff Development, a Class A, 91,635-square-foot office and retail development in a Qualified Opportunity Zone in Austin, Texas.
JLL worked on behalf of the developer, HN Capital Partners, to place the loan with Bank OZK. HN Capital is developing the project in partnership with Austin-based Red Bluff Partners, which acquired the land in 2014.
The building will be the first phase of a mixed-use project and consists of a five-story, Class A office building and ground-floor retail space along with a 269-stall parking structure. Designed by Studio Rick Joy, the building will feature open floor plans with ample natural light. The developer plans to construct a boutique hotel as part of the second phase. The building will be situated on 1.09 acres at 4713 E. Cesar Chavez St. in the East Austin District, a live-work-play area in Austin that embodies the quintessential Austin lifestyle. This premier location provides access to the city’s trendy amenity base, which includes more than 2.2 million square feet of retail and more than 6,500 multi-housing units.
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 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About HN Capital Partners
HN Capital Partners is an opportunistic investment manager founded and operated by Vipin Nambiar, with the backing of Hunt Investment Group (a company led by Ray L. Hunt and his family). HN Capital runs multiple strategies on behalf of its investors and takes a long-term and opportunistic approach to compounding capital. Cross capital-structure real estate investments are one of the key investing areas for HN Capital, and it was the co-developer of marquee projects like the Virgin Hotel Dallas.
About Red Bluff Partners
Red Bluff Partners is led by a group of experienced sponsors including John Scott and Bernt Kuhlmann, who have brought in a stellar team of industry experts in order to design and execute their vision of a cornerstone property in an evolving and blossoming east Austin community.