Austin gets into the action on multibillion loan closings

​​AUSTIN – Made up of a young population with one of the hottest economies and tech hubs in the country, Austin is hitting on all cylinders with respect to investor interest and overall demand. 

Lender ACORE Capital LP has been part of that white-hot activity, including the $135-million first mortgage and mezzanine loans on the Radisson, a 413-room hotel located at East Cesar Chavez and Congress Ave. in downtown, purchased by Austin Lakeside Hotel Owner LLC earlier this year. ​

The Radisson in Austin is being converted to a luxury lifestyle boutique hotel, which is targeted to young professionals. 

ACORE has signed up or closed 45 loans altogether totaling $3 billion since the beginning of the year.​

Kyle Jeffers, head of West Coast originations for ACORE, says Austin has a lot going for it in terms of government, university and tech users.