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| 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.
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Tim Wright
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“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.
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Aldon Cole
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“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.
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CONTACT:
PR, Capital Markets
JLL
2401 Cedar Springs Rd.
Dallas, Texas 75201
M +1 903 520 3478
http://manchesterfinancialgroup.com.
