Chase Tower
221 West 6th Street, Austin, TX 78701
Property Overview
This investment represents a first mortgage origination on Chase Tower, a 22-story, Class A office building located in the central business district in Austin, Texas. Built in 1974, the tower contains 389,503 square feet of net rentable area and 750 parking spaces in the seven story parking structure. First renovated in 1995, and again in 2007, the first floor lobbies and elevator halls are beautifully finished with Moroccan limestone floors, Calcutta Carrera marble portals, Chihuly-inspired chandeliers, an art installation featuring work from Gabriel Rivera, Angier mahogany paneling and trim, plaster walls with satin-finish bronze metal details, and terrazzo with brass dividers.
During the mid 1990s renovation, exterior systems were replaced to include a new glass curtain wall and Dakota Mahogany granite. The two-story bank building and the first two stories of the Tower are finished in flame-finished granite panels with recessed portions finished in a polished granite, including the facades facing the West 6th Street courtyard.
Investment at a Glance
Location: Austin, TX
Property Type: Class A Office
Acquisition Date: January 25, 2010
Total Loan Amount: $59,200,000
Appraised Value: $78,500,000
Loan-to-Value: 75%
Loan Term: 60 months
No. of Buildings: 1
No. of Stories: 22
Square Footage: 389,503 SF
