The Loren at Lady Bird Lake will include a 108-room hotel and 26-unit condominium tower.
AUSTIN, TX—A new first lien construction loan totaling $80 million has been secured to finance the development of The Loren at Lady Bird Lake. The development, which will include a 108-room boutique hotel and adjacent 26-home luxury condominium tower, is slated to open in first quarter 2022.
"We're excited to continue the success of The Loren Hotel brand by bringing our next venture to Austin, one of America's most exciting and fastest growing cities, where we believe the luxury traveler is underserved. As in Bermuda, where we've attracted a discerning international travel market, we expect to deliver the same focus on elevated service, appreciation for quality design and art, and an impeccable location to appeal to international travelers and serve as a social hub for Austinites. Living, staying or dining here will be an unrivaled way to experience downtown Austin and the park," said Stephen King, founder, The Loren Hotel Group.
The project is being developed by C12 Capital Management LP/Sardis Developments. Dallas-based Hall Structured Finance provided the financing. Michael Landon with CBRE sourced the financing for the project.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
