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Equity in Place at Riverview

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Austin’s RiverView moves forward with $35M in equity

Austin Business Journal by Cody Lyon, Staff writer

Date: Wednesday, November 2, 2011, 2:13pm CDT

Cody Lyon
Staff writer – Austin Business Journal

Jones Lang LaSalle Inc.    ’s Capital Markets team in Houston has secured $35 million in construction financing for Austin’s new RiverView Apartments, the company announced Tuesday.

Dallas-based CDK Realty Advisors    is providing the equity for the project. Bank of America Corp.    (NYSE: BAC) provided the three-year loan with two, one-year loan extension options.

RiverView, the first high-rise residential development south of the lake in Austin, is slated to open in 2013.

Jones Lang LaSalles’ Executive Managing Director Mike Melody and Senior Vice President Jimmy Board of the company’s Real Estate Investment Banking unit, led the transaction team.

“Multifamily developments are still a well sought after opportunity as proven by the significant interest from a number of construction lenders for this infill-class A apartment development,” said Board.

The team was able to secure competitive pricing and terms for the borrower due to the location of the project and plans for high-end finishes coupled with a strong amenity base, Board said.

The 280,000-square-foot, 302-unit RiverView sits on four acres at the intersection of I-35 and Riverside Drive, along Lake Lady Bird near downtown. The development will consist of four buildings ranging from five to 11 stories, all clustered around a landscaped courtyard and pool deck.

The project is designed to be a model for green development and is seeking a LEED Silver rating, said BOKA Powell Co.    , who will provide planning, architectural design and interior services for the project. Green features include water-saving plumbing fixtures, low Volatile Organic Compound finishes, local and recycled materials, and preferred parking for fuel-efficient vehicles.

“We went to great lengths to protect the Lady Bird Lake watershed by placing all parking in an underground garage and covering it with an unusually deep roof garden system that mixes plantings, filtration media, and pervious hard-scape elements,” said Nathan Wilcox, project designer at BOKA Powell.

Storm water at the site will be collected and stored in an underground cistern for irrigation of native plants.

Other companies on the project include construction contractor Southern Cross Constructions, and The Whitworth Company, which is providing project management services.


Written by codylyonreporter

January 28, 2012 at 1:31 am

Posted in Uncategorized

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