JV Secures Financing for Creative Office Conversion in Austin
EverWest Real Estate Investors and WHI Real Estate Partners are converting a 81,711-square-foot warehouse property in East Austin into a creative office project named UpCycle.
By Anca Gagiuc
UpCycle rendering
HFF has secured $19.9 million in financing for the conversion of a warehouse property on Sixth Street in East Austin. The HFF team worked on behalf of the borrower, a joint venture between EverWest Real Estate Investors and WHI Real Estate Partners.
The three-year, floating-rate loan was secured through an entity affiliated with the commercial real estate lending platform of Marathon Asset Management. Loan proceeds are being used to complete the conversion of the warehouse properties into creative office.
UpCycle rendering
Dubbed UpCycle, the 81,711-square-foot industrial facility is spread across two parcels totaling 3.06 acres, located at 2498 E. Sixth St. The location is only 1.5 miles from Austin’s CBD, and various new Class A apartments and entertainment venues in the revived East Austin neighborhood. The office project is scheduled for completion in May 2018 and features Class A office finishes, while common-area amenities include:
- patio space
- conference space
- collaborative areas
- bike storage
- coffee bar
- showers
- free on-site parking for tenants
The HFF debt placement team representing the borrower included Managing Director Robert Wooten and Senior Managing Director Eric Tupler.
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