Developers say they have landed more than $100 million in financing as they move ahead with a 34-story luxury residential tower under way on Rainey Street in downtown Austin.
Holliday Fenoglio Fowler said it arranged the $106 million construction loan with Acore Capital LP, a commercial real estate finance company, for 70 Rainey, a condominium tower under construction on the south end of Rainey Street. HFF represented the developer, New York-based Sackman Enterprises Inc., and its partner, Starryland USA Corp.
Sackman is not disclosing a projected pricetag for the project.
Scheduled to open in 2018, the tower will have about 160 residences priced from $400,000 to $5 million. The project broke ground Aug. 2, with Sackman Enterprises funding the first phase, which included all underground pier drilling and foundation work, said C.J. Sackman Jr., Sackman’s managing director in Austin.
“Our strategy has always been to implement a two phase construction plan, and it was permitted as such,” C.J. Sackman said. “Sackman’s excitement and commitment to this one-of-a-kind project dictated our willingness to commit family dollars to get underway.”
Along with numerous amenities, the project will have views of downtown, Lady Bird Lake and the Texas Hill Country. The high-rise will have 20,000 square feet of landscaped outdoor amenity space that Sackman officials have said will make it like “a park in the sky.”