Fairfield Expands Egan School of Nursing & Health Studies in Austin

Fairfield University is expanding its nationally ranked Marion Peckham Egan School of Nursing & Health Studies to Austin, pending review and approval by the New England Commission of Higher Education. Professional services firm JLL successfully secured a 10-year — 23,040-square-foot lease located at 7951 Shoal Creek Blvd.

Currently, Fairfield University’s main campus is located in Fairfield, Connecticut, a coastal suburb of New York City. This lease marks Fairfield University’s expansion beyond the northeast into an additional market, nationally. Internationally, Fairfield also offers an MBA program through its nationally ranked Dolan School of Business in Shanghai, China, and sends students around the world through its study abroad programs.

Ellen Herman, Rhett Kruger and Russell Young at JLL represented the tenant. Jay Legg and Jessie Contreras at MFB Real Estate Services LLC represented the landlord, West Austin Holdings.

Central Texas Hospital Systems Invest Billions in Expansions to Keep Pace with Population Boom

Central Texas is on pace to gain more than 600 hospital beds in the next three years, including two new hospitals in growing suburban areas, two new children’s hospitals in Northwest Austin, a new behavioral health hospital and expansions at seven existing facilities.

Combined, three major health care systems are investing almost $2.5 billion in physical infrastructure to increase access to services and meet the needs of the growing region.

Hospital officials said the additional space is necessary to care for the population of a rapidly expanding region, with Williamson and Hays counties ranking as some of the fastest-growing in the nation. Andy Davis, the CEO for Ascension Texas, a major health care system that includes Ascension Seton and Dell Children’s, said based on projections, within 10 years the metro area will have a 1,200-bed deficit.

“The great thing about Central Texas is the community is growing in every direction, and so it presents a unique opportunity for us to make sure that we’re doing all we can to be present in a way that keeps families close to home and together,” Davis said. Click to read more at www.communityimpact.com.

Round Rock Amazon Warehouse Project on Pause as Company Explores Capacity Needs

Amazon paused the entitlements process for a potential warehouse project in Round Rock, a company representative confirmed May 26.

In October 2021, Community Impact Newspaper reported that Amazon had purchased a 193-acre property located at CR 172 and McNeil Road with the intent to build a warehouse and distribution center. Plans for the facility included $250 million in real property improvements, and it was expected to bring 800-1,200 jobs to the city.

Daniel Martin, Amazon regional public relations manager, said the e-commerce giant is exploring its options related to operational capacity and confirmed that the project is on pause as part of this exploration.

“Amazon is a dynamic business, and we are constantly exploring options related to our future roadmap,” Martin said. “At this time, we are pausing the entitlements process related to the site we own in Round Rock. As mentioned in our recent earnings report, demand patterns have stabilized, and this provides an opportunity to better match our capacity and demand.” Click to read more at www.communityimpact.com.

Austin Office Market Report Q1 2022

Austin continues to lead the US in office job growth and provide a glimpse of the tech market’s return to office strategy post-pandemic. Job growth has surged to all-time highs, with 60,000 new office jobs added since February 2020 while leasing activity continues to be driven by the tech industry.

Under construction
Over 5.0 msf of office product is currently under development while availability, particularly within the CBD, dwindles which is sparking new groundbreaking announcements as landlords work to keep up with demand.

Net absorption
Overall net absorption remained positive, but relatively limited as many of the large tech leasing deals signed in recent months have yet to commence.

Net absorption
Overall net absorption remained positive, but relatively limited as many of the large tech leasing deals signed in recent months have yet to commence.

Click here to download the report and read more at www.avisonyoung.us.

CBRE Arranges $62.1 Million in Refinance Loans for Six Multifamily Properties Within the Sunbelt

The 1,632-unit portfolio consists of:

Deer Run at 8755 Jenny Lind St., Charleston
Middleton Cove at 2274 Ashley River Road, Charleston
Canyon Point at 16550 Henderson Pass, San Antonio
Oak Springs at 3919 Perrin Central Boulevard, San Antonio
Deer Oaks at 7230 Wurzbach Road, San Antonio
Churchill Crossing at 14100 Thermal Drive, Austin

“After owning these properties within their portfolio for over 25 years, Churchill Forge chose an early portfolio refinance of these assets to take advantage of the current low-interest-rate environment,” said Kristen Reilley, Director at CBRE in Charlotte. “These properties not only fit well within the mission-driven charter that Fannie Mae looks for in their loans, but also provides housing in these markets that are much needed.”

The Federal Housing Finance Agency (FHFA) established a 2022 multifamily volume cap of $78 billion, of which 50% must be mission-driven, focused on certain affordable and underserved market segments, and 25% affordable to residents earning 60% or less of area median income. Fannie Mae Multifamily provided liquidity for approximately 136,000 units of multifamily housing in Q1 of 2022; almost 95% of the units potentially eligible for housing goals credit were affordable to families earning at or below 120% of area median income, providing support for both workforce and affordable housing.