Brandywine negotiates loan for $328M Texas development
Philly company seek construction funding for first phase of Austin project
Philadelphia’s Brandywine Realty is negotiating a $213.4 million construction loan for One Uptown, a five-acre mixed-use project in Austin, Texas.
Brandywine is seeking the loan to cover 65 percent of the $328 million project and expects to close on it in the first quarter, according to a Securities and Exchange Commission filing. Its Los Angeles-based partner, Canyon Partners Real Estate, has agreed to fund $57.5 million of the project in exchange for a 50 percent equity stake.
Brandywine “expects to recognize the formation of the joint venture and related gain on the contribution of the 4.7 acres of land during the first quarter of 2022, upon closing of the construction loan,” according to the filing.
One Uptown will have 341 apartment units, 348,000 square feet of office space, 15,000 square feet of first-floor retail space, a public park and a six-story parking garage. Units in the multifamily part of the project, designed by Texas-based GFF Architects, will have private balconies, a resort-style pool and a fitness center.
The office portion, a 14-floor building designed by Page, is expected to be completed in the third quarter of 2023. The multifamily component is targeted for completion in the third quarter of 2024.
One Uptown is the first phase of Uptown ATX, a planned 66-acre, $3 billion mixed-use development of the IBM Austin campus site in the Domain community. The development will have 7 million square feet of residential, retail and office space, as well as 11 acres of public parks and access to 23 miles of urban trails.
In January, local transportation authority CapMetro broke ground on a new commuter rail station in the North Austin neighborhood, which is booming with development related to the Domain and the nearby Q2 Major League Soccer stadium.