DALLAS—HFF has arranged a $150-million refinancing for Block 21, a mixed-use development containing the 251-room W Austin Hotel & Residences, 2,750-seat Austin City Limits Live at The Moody Theater music and events venue (ACL Live) and almost 60,000 square feet of class A office and retail space in downtown Austin.
HFF worked on behalf of the borrower, Stratus Properties Inc., to place the 10-year, fixed-rate loan with Goldman Sachs. Loan proceeds were used to refinance existing debt.
HFF could not return a request for additional comment by press time.
Block 21 features panoramic views of Lady Bird Lake, the Texas Hill Country and downtown Austin. The property is located at 200 Lavaca St. in downtown Austin's 2ND Street District, an urban neighborhood with 225,000 square feet of retail, restaurants, entertainment venues and residences. The development is within walking distance to the lake and its surrounding outdoor and recreational space, Austin City Hall, the Sixth Street entertainment district and the Austin Convention Center.
Completed in 2010, the 37-story Block 21 is LEED Silver certified in addition to being certified by the Austin Energy Green Building Program. In addition to the W Austin Hotel & Residences, Block 21 is home to ACL Live, which functions as a live music venue, high-definition production studio and private events space on the second through fourth floors of the building. It's th site of the KLRU-TV produced PBS program Austin City Limits, the longest-running music series in American television history. In 2014, the venue was named "Venue of the Year-Small Capacity" by the Academy of Country Music.
Block 21 has 18,327 square feet of ground floor retail space that is 98.6 percent leased to Urban Outfitters, Starbucks and Willie's Roadhouse Sirius XM station, and 39,328 square feet of fully leased office space.
Senior managing director Whitaker Johnson and managing director John Bourret led the HFF team.
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