AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the $120 million recapitalization of the W Hotel & Residences currently under construction in Austin. HFF's Whitaker Johnson arranged the new 5-year construction loan, which was originated by CLG Hedge Fund, an affiliate of Beal Bank Nevada. The loan replaces the original $165 million construction loan that was financed by now-defunct Corus Bank. As part of the recapitalization, the project's owners, Stratus Properties and Canyon-Johnson Urban Fund, will contribute $45 million in equity. The W Hotel & Residences is slated for completion in December 2010. Plans call for a 252-room W Hotel, 159 residential units on the tower's upper floors, approximately 54,000 square feet of retail and office space, an entertainment venue operated by Live Nation and a new studio for KLRU-TV's “Austin City Limits” television show.
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