$72M in Financing Secured for 701 Rio Office Development

B&Z Investments LLC secured $72 million in financing for construction on its 120,983-square-foot speculative office building, 701 Rio. The interest-only, 24-month loan was provided by Bank of Texas and BancFirst, with CBRE’s Mike Landon and Griffin Papaila originating the funding. Barings is B&Z’s equity partner in the development.

Construction on the downtown Austin project launched in January 2020, with completion scheduled for June 2021. Jason Berkowitz and Diana Zuniga formed B&Z Development in 2007, with a focus on acquisitions and repositions of core commercial real estate properties Central Texas. 701 Rio is the company’s first ground-up office development. BGK Architects is the designer and Hensel Phelps Development/Hensel Phelps Construction Co. the general contractor and co-developer.

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