Triangle Owners Refinance Central Austin Project, Get $78M Loan

AUSTIN, TX — Officials at CBRE, owners of the mixed-use apartment/retail development The Triangle in Central Austin announced they secured refinancing for the project, including obtaining a $78 million loan.

CBRE’s Brian Eisendrath, Brandon Smith and Annie Rice represented the owner, Houston-based residential investor and developer The Dinerstein Cos, which purchased the property in 2017. The team facilitated the 7-year floating-rate loan with a three-year interest-only feature, officials said in a press release.

The property, located at 4600 West Guadalupe Street, features 529 units as well as more than 35 on-site retailers, a city park, three pools with hot tubs, a 24-hour fitness zone, theater room and resident lounge.

“There were complicated negotiations with the State of Texas and the lender throughout the transaction,” Eisendrath said in a prepared statement. “Since Dinerstein closed the acquisition last year, they have legally separated the retail and residential portions of the property, creating tremendous value. However, the separation of parcels and the three phases that are on ground leases held by the State of Texas added layers of complexity to this refinance.”

Eisendrath added: “Our relationship with the lender allowed us to hold pricing and sizing for over three months, giving Dinerstein the time to successfully navigate the complicated ownership structure.”

The Triangle is benefiting from its location in a high-growth market, officials noted. Austin has seen continued apartment demand, with its 12th consecutive quarter of positive net absorption, according to CBRE research. Central Austin is a high barrier-to-entry submarket due to lack of developable land, resulting in annual average rent growth of 6.3% since 2010, according to company officials.

About CBRE Group, Inc. (provided text):

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. For more information, visit www.cbre.com.

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