New York Life Provides $122.9M Construction Loan for Austin Office Project
AUSTIN, TEXAS — New York Life Insurance Co. has provided $122.9 million in construction financing for RiverSouth, a 350,611-square-foot office project in Austin. The 15-story property, which is expected to be complete in early 2021, will feature 17,277 square feet of retail space and amenities including a fitness center, a sky lounge and surrounding hiking trails. The loan carries a floating interest rate, five-year term and a 12-month extension option. The borrower was not disclosed, but the property brochure identifies Stream Realty Partners as the developer. Colby Mueck, Robert Wooten, Chris McColpin and Jayme Nelson of HFF placed the debt on behalf of Stream Realty Partners.