CBRE Arranges $72M in Debt, Equity for Spec Office Project in Austin
AUSTIN, TEXAS — CBRE has arranged $72 million in debt and equity capital for the development of 701 Rio, a 120,000-square-foot speculative office project in downtown Austin. Mike Landon and Griffin Papaila of CBRE arranged a construction loan through Bank of Texas and BancFirst and delivered Barings as an equity partner to the borrower, B&Z Investments LLC. B&Z and Hensel Phelps, the co-developer and general contractor, broke ground on the project in January and expect to complete it in June 2021. BGK Architects designed the project, which will include 12,000 square feet of retail space and five stories of underground parking.