$39.7M refinancing secured for office complex overlooking Lake Austin
JLL Capital Markets led the financing efforts for the 2-building Bridgepoint Plaza I and II
HOUSTON, Nov. 17, 2022 – JLL Capital Markets announced today that it has arranged a $39.7 million refinancing for Bridgepoint Plaza I and II, a two-building office complex totaling 178,061 square feet in Austin, Texas.
JLL worked on behalf of the sponsor, Spire Real Estate Partners, LLC, an affiliate of Spire Realty Group, LP, to secure the two-year loan through Argentic. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Wally Reid and Director Jayme Nelson.
Jon Ruff, CEO of Spire Real Estate Partners, LLC, said, “It is extremely difficult to refinance any property, even a high-quality asset like Bridgepoint Plaza, in the current economic environment. The debt well has all but dried up for the time being. Notwithstanding, with skilled, experienced guidance from Wally, Jayme and their team, and a thoughtful, capable lender in Argentic we were able to arrive at a creative and desirable solution which will allow us to maximize value for our investment partners.”
Bridgepoint Plaza I and II is located on an 8.78-acre site at 5918 Courtyard Dr. just northwest of Loop 360 and West Courtyard Rd. The property is positioned on the bluffs above Pennybacker Bridge providing exceptional views of Lake Austin and proximity to some of the premier residential neighborhoods in West Austin, including the under construction Four Seasons Lake Austin Private Residences. Additionally, the property is surrounded by a plentiful amenity base, including the Arboretum and the Domain.
Overall, Bridgepoint Plaza I and II is 78% leased to a diverse tenant roster. The buildings are highly amenitized with a fitness center, rooftop basketball court and pickleball court, new outdoor seating area, a conference center and structure parking for 580 vehicles.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Spire Realty Group
Spire is a privately held commercial real estate investment and management firm that provides investment, acquisition, management, construction management and asset management services. Spire was founded in 1989 and is headquartered in Dallas, Texas. Since inception, through both prosperous and difficult market cycles, Spire has sourced and invested over $2 billion in over 100 unique real estate transactions with currently over $300MAUM. To learn more, please visit: spirerealty.com.
Argentic Investment Management LLC is a manager of commercial real estate lending and investment vehicles focused on provided fixed-rate and floating-rate debt financing solutions to property owners throughout the United States.