Dealmaker: HFF Arranges $260M in Texas, Washington

Holliday Fenoglio Fowler arranged $150 million to refinance Block 21, a mixed-use development containing the W Austin Hotel and Austin City Limits Live music venue in Austin, Texas.

HFF Senior Managing Director Whitaker Johnson and Managing Director John Bourret worked on behalf of borrower Stratus Properties Inc., Austin, to place the 10-year, fixed-rate loan with Goldman Sachs.

Completed in 2010, the 37-story Block 21 houses the W Austin Hotel & Residences’ 251 guest rooms and 10,500 square feet of meeting space. The 159 residential condominiums that comprise the tower’s upper portion were not included in the financing. Block 21 also includes ACL Live, which functions as a live music venue and production studio on the second through fourth floors of the building. The PBS program Austin City Limits films on-site. the asset also includes 18,000 square feet of ground-floor retail space currently 99 percent leased to Urban Outfitters, Starbucks and Willie’s Roadhouse Sirius XM station as well as 39,000 square feet of fully leased office space.

In Richland, Wash., HFF Senior Managing Director Mark West and Managing Directors Brandon Chavoya and Coler Yoakam arranged $110 million in acquisition financing for a 456,000-square-foot Class A cold-storage warehouse facility, currently triple net-leased to Preferred Freezer Services.

HFF worked on behalf of borrower Lexington Realty Trust, New York, to place the 10-year fixed-rate loan with MetLife Agricultural Investments.  

Completed in 2015, the facility at 2800 Polar Way represents the largest refrigerated warehouse in North America and largest automated freezer in the world. The 116-foot-tall facility includes 36 million cubic feet of temperature-controlled area with 312,755 square feet of freezer capacity. It stores and distributes potatoes processed at ConAgra’s nearby Lamb Weston processing plant.