Rockbridge Announces $15.6 million 1st Mortgage
FEBRUARY 13, 2009 - RockBridge Capital, LLC ("RockBridge") today announced the closing of a first mortgage and mezzanine investment in the development of a 140-room aloft in Austin, TX. The aloft Austin Northwest at the Domain will be operated by LodgeWorks, a strong, long-standing RockBridge partner. James T. Merkel, President of RockBridge, made the announcement.
The hotel will be located at the heart of The Domain, a 304-acre, high-end, mixed-use development in the technology corridor of Northwest Austin. It will feature a stylish lobby bar, grab & go light fare, 1,000 square-feet of meeting space, and loft-style guestrooms with 9 foot ceilings, 42" flat panel televisions and large guest bathrooms.
Phase One of The Domain opened in March 2007 and includes a 700,000 square-foot, high-end lifestyle center anchored by Neiman Marcus and Macy's. Once fully developed, The Domain will include 1.6 million square feet of retail and restaurant space, 3.5 million square feet of office space, and 4,500 residential units.
Commenting on the project, Merkel said, "We are pleased to partner on this transaction with LodgeWorks, with whom we have a 15-year history of successful hotel investments. The aloft Austin Northwest at the Domain will be an exciting project, with an 'A location' in an impressive retail and technology corridor that has experienced strong lodging fundamentals. Closing this transaction amidst unparalleled credit market challenges demonstrates the ability of LodgeWorks and RockBridge to execute in all phases of the cycle."
RockBridge is a hospitality debt and equity partner with leading hotel owner-operators, investing with a focused, disciplined and proven investment strategy over 16 years. Investments are made through its RockBridge Hospitality Funds and First Mortgage Investment Program. Focused on creating value for its hotel operating partners, RockBridge invests capital in first mortgage, mezzanine, and equity hotel investments throughout the U.S. Since 1992, RockBridge has invested more than $2.8 billion in over 325 assets nationwide with aggregate transaction capitalization in excess of $4.5 billion. The principals of RockBridge have formed and managed nine closed-end real estate funds with both institutional and private investors. For additional information about RockBridge Capital, contact James T. Merkel at (614) 246-2400 or visit www.rockbridgecapital.com.
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