$430 million in refinancing arranged by JLL Capital Markets for the Fairmont Austin luxury hotel in Austin, TX

Olga Walsh

 

SAN DIEGO, CA – JLL’s Capital Markets has arranged a $430 million refinancing for Fairmont Austin, a 37-story luxury hotel in downtown Austin.

 

JLL Capital Markets represented Manchester Financial Group in securing the five-year, interest only fixed-rate SASB CMBS loan, with Goldman Sachs acting as a lead manager and sole bookrunner. The all-mortgage financing package was used to replace a $300MM senior loan and $125MM of mezzanine debt.

                                      Papa Doug Manchester

 

Fairmont Austin spans 1.4 million square feet, standing proudly as the city’s fifth-tallest building. Developed by Manchester Financial Group, the luxury hotel first opened in 2018 and features 1,048 guestrooms and suites, nearly 140,000 square feet of meeting space, a full-service spa, five curated food and beverage outlets, an outdoor resort-style pool deck on the 7th floor and a grand pedestrian walkway providing direct access to the Austin Convention Center.

 

Located at 101 Red River St., the property is within walking distance to the city’s premier lifestyle and entertainment areas including Rainey Street, East Austin and two blocks from Lady Bird Lake.

 Tim Wright

“This significant financing, facilitated by JLL and Goldman Sachs, underscores our commitment to delivering exceptional hospitality experiences through our 100% ownership of the hotel. The funds will support the continued growth and enhancement of this premier property, ensuring it remains a top destination for visitors to Austin,” said Papa Doug Manchester.

 

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Tim Wright, Senior Managing Director Aldon Cole and Director Olga Walsh.

Aldon Cole

“With an influx of recently completed and ongoing construction projects in the immediate area, Fairmont Austin is well-positioned to benefit from the momentum in all directions and capitalize on its position as the epicenter of Austin’s explosive growth,” said Wright.

 

“Despite today’s challenging debt environment, capital markets responded well to the opportunity to finance this prime asset for a strong sponsorship group. This led to a competitive marketing process and, in the end, beneficial and highly tailored terms for our client,” added Walsh.

 

For more news, videos and research resources, please visit JLL’s newsroom.

 

 CONTACT:

Grace Lewis

PR, Capital Markets

JLL

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com

 

http://manchesterfinancialgroup.com.