All Development Parcels Are Now Debt Free
T. Stacy and Walton Street Capital Close on Refinance of Loan on Bank of America Building at 6th and Congress
All Development Parcels Are Now Debt Free
AUSTIN, Texas, April 18, 2011 /PRNewswire/ -- T. Stacy & Associates and Walton Street Capital have closed on a new loan on its Bank of America Tower at 6th and Congress that frees up all development parcels of any debt.
The lender was Aareal Bank AG, a German bank that came to T. Stacy through mortgage banker Holliday, Fenoglio Fowler, L.P. (HFF).
"Austin has so much appeal that European banks are looking to invest," Tom Stacy said. "But they are demanding first-class projects that are well positioned for stability and growth in the future with strong sponsorship."
T. Stacy and Walton Street have extensive plans for the entire block they own at 6th and Congress, bounded by Brazos and 5th, and the half block they own bounded by Brazos, 5th St., and San Jacinto including the construction of two tall multiuse towers and a large public parking garage. Construction on the first phase—the parking garage—may begin as early as 2012.
"Austin is a dynamic market that is at the top of the lists of tenants, hoteliers, investors and lenders," Tom Stacy said. "Having no debt on the fully entitled development parcels is a big step toward bringing the project to fruition."
Among numerous other projects throughout Central Texas and beyond, T. Stacy & Associates developed much of the 6th and Congress property on three corners of the iconic intersection. Stacy also handled all the entitlement work for the Frost Tower at 4th and Congress, which was eventually built and opened by Cousins Properties.
About T. Stacy & Associates:
T. Stacy & Associates, Inc., is a full-service commercial real estate firm specializing in leasing, development, acquisition and property management. The company sets itself apart from other firms through an emphasis on customer service, quick decision making, attention to detail and hard work, and a proven track record. Based in Austin, Texas, T. Stacy & Associates has focused its efforts in key markets across the state of Texas along. http://www.tstacy.com/
About Walton St. Capital:
Walton Street Capital, L.L.C. is a Chicago-based real estate investment company with over $12 billion in assets under management. Walton Street is currently in the process of investing Walton Street Real Estate Fund VI, L.P., a $1.9 billion discretionary real estate fund. http://www.waltonst.com/