Aloft and Element Austin Downtown Hotels, Austin, TX
CHICAGO, IL –– Holliday
Fenoglio Fowler, L.P. (HFF) announces that it has arranged a refinancing of the
Aloft and Element Austin Downtown.
HFF worked on
behalf of the borrower, White Lodging, to place the 10-year, fixed-rate loan
with PGIM Real Estate Finance. Loan proceeds will be used to retire the
existing construction loan, repatriate a portion of sponsor equity and cover
closing costs.
 |
| Nicole Aguiar |
The dual-branded
development opened in July 2017 as the first dual-branded hotel in Austin and
includes the LEED-certified 278-room Aloft Austin Downtown and 144-suite
Element Austin Downtown along with two restaurants and bars.
 |
| Danny Kaufman |
The development is
one block from the confluence of the world-renowned Sixth Street Entertainment
District and Congress Avenue, which provides live music venues, restaurants and
retail within walking distance.
Additionally, the
hotel is proximate to the Second Street District, Austin Convention Center,
University of Texas at Austin and the Texas State Capitol Building.
The HFF debt
placement team representing the borrower consisted of senior managing director Danny Kaufman, managing director Christopher
Carroll, senior
director Jeff Bucaro and director Nicole Aguiar along with senior managing director Doug Opalka.
 |
| Christopher Carroll |
About White Lodging
White Lodging,
established in 1985, is one of the leading ownership, development, and
management companies in America.
An innovative trendsetter, the
organization’s portfolio includes convention, urban lifestyle and suburban
select hotels with more than $1 billion in managed revenue.
White Lodging
operates more than 90-premium hotels, 30 restaurants and 30 brands in 20
states.
 |
| Doug Opalka |
Success knows no boundaries at White Lodging, where associates
and leadership have consistently earned superior guest satisfaction scores, top
market share and industry-leading profit margins while recruiting the best,
brightest and most passionate professionals in every discipline for three
decades.
White Lodging is a proud winner of the Gallup Great Workplace
Award.
For more information about White Lodging, visit www.whitelodging.com,
or connect on Facebook, Twitter, LinkedIn and Instagram.
About PGIM Real
Estate Finance
PGIM, the global
investment management business of Prudential Financial, Inc. (NYSE: PRU), is one of the largest real estate
investment managers in the world, with more than $168.4 billion in gross real
estate assets under management and administration, as of Dec. 31, 2018.
 |
| Jeff Bucaro |
Through its PGIM Real Estate Finance and PGIM Real Estate businesses, PGIM
leverages a 140-year history of real estate lending on behalf of institutional
and middle-market borrowers, a 49-year legacy of investing in commercial real
estate on behalf of institutional investors and the deep local knowledge and
expertise of professionals in 31 cities around the world.
PGIM Real Estate
Finance, the commercial mortgage business of PGIM, is an international
full-service, commercial and multifamily mortgage finance
business.
Offering one of the most comprehensive lines of real
estate finance products in the world, PGIM Real Estate Finance originates loans
for Fannie Mae DUS®, Freddie Mac and specialized affordable housing
programs; FHA; Prudential’s general account; and other institutional investors.
CONTACTS:
DANNY A. KAUFMAN
HFF Senior Managing
Director
(312) 528-3650
CHRISTOPHER CARROLL
HFF Managing Director
(312) 528-3650
JEFFREY G. BUCARO
HFF Senior Director
(312) 528-3650
NICOLE AGUIAR
HFF Director
(312) 528-3650
DOUG OPALKA
HFF Senior Managing
Director
(512) 532-1900
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
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