JLL arranged the financing for Five Star Development to finish the $2bn project development.
A look at Trinity Real Estate Investments and Credit Suisse Asset Management’s $835 million purchase of the Diplomat Beach Resort.
Brookfield will transfer outstanding CMBS debt to the JV with the deal.
A group of lenders, including Blackstone and Vici Properties, are providing the financing.
The hotel management company closed the deal in the last days of 2022.
The financing demonstrates a belief in the return of business travel as the US emerges from the covid-19 pandemic.
The Austin manager focuses on first mortgages, B-notes, mezzanine and preferred equity in the $2m to $40m range.
The 74-story mixed-use property will be the tallest building in Texas when it comes online in 2026.
The mixed-use development includes C-PACE and pref equity components to complete the capital stack.
The lender group originated the loan on behalf a partnership between Blackstone and Starwood Capital.