AUSTIN, TEXAS —A partnership between C12 Capital Management LP and Sardis Developments is underway on construction of Loren at Lady Bird Lake, a 108-room luxury hotel in Austin that will be operated by New York-based Loren Hotel Group. The property will also feature 26 for-sale residences, including two penthouses. Amenities will include a pool, fitness center, spa and a bar and lounge with an outdoor seating area. Site work has begun and completion is scheduled for the fourth quarter of 2021. Rhode Partners is the project architect, and Hoar Construction is the general contractor. Michael Landon of CBRE arranged an $80 million first lien construction loan through Hall Structured Finance for the project.