CBRE ARRANGES $83.5M IN CONSTRUCTION FINANCING

AUSTIN, TEXAS — CBRE's Debt & Equity Finance team in Houston has arranged $83.5 million in construction financing on behalf of Seaholm Power LLC for the redevelopment of the Seaholm Power Plant. The historic facility is located in the southwestern portion of Austin's central business district. The borrower plans to transform the 117,000-square-foot power plant into office space and add approximately 60,000 square feet of mixed-use space, anchored by a Trader Joe's grocery store. The redevelopment also includes a 30-story, 309-unit apartment tower. Jim Richards and Jim Kirkpatrick of CBRE arranged the open-ended construction loans, which were funded by Bank of the Ozarks and IBC Banks. Seaholm Power LLC is a joint venture between Austin-based Southwest Strategies, Los Angeles-based CIM Group and the City of Austin.