RREAF Holdings Breaks Ground on a sixteen-acre mixed use development site in Southlake, anchored by a 240-room full-service luxury Delta Hotels by MarriottTM 2
Dallas, TX—May 30, 2019— RREAF Holdings LLC broke ground May 22nd on Phase I of a sixteen-acre mixed use development in Southlake, Texas anchored by a full-service, upscale Delta Hotels by Marriott (NASDAQ: MAR) that will feature 239 premium guestrooms and suites.RREAF CEO Kip Sowden said, “The RREAF development team, led by Carl Schwab, RREAF’s lead developer, has worked diligently on this project for more than three years. We believe the depth and experience of our team assures successful execution of a very high-end attractive full-service Marriott Delta Hotel development. Future phases could include as much as 240,000 sq. ft. of Class A Office, Restaurants and Retail with a structured parking facility to accommodate the anticipated future density on the site.”
RREAF principal, Lucien Tujague and his family office, Dominion Investments, sold the land to the newly formed RREAF affiliate, RREAF Southlake Property Co., LLC, which is developing the Hotel property. Completion of the six-story Delta Hotel by Marriott phase is scheduled for Fall 2020, which will be managed by Interstate Hotels & Resorts (NYSE: IHR), a leading global hotel management company. Milton Anderson, of Merriman Anderson Architects worked with Sandy Stephens of Cole Engineering to design the site and development. Hill & Wilkinson has been engaged as the general contractor, with Jeff Sanders and Ty Walton, Vice President and Project Manager of Hill Wilkinson overseeing the project construction phase. Carl Schwab and Bob McGrane, RREAF project manager, will oversee project development for RREAF Southlake Property Co., LLC. BancorpSouth Bank (NYSE: BXS) is providing 1st lien construction loan financing for the development through RREAF’s Capital Markets Group, Staghorn Capital Partners; Mosaic Real Estate Investors is providing mezzanine debt; and RREAF and RREAF Investors have provided the equity to round out the capital stack. The City of Southlake has been instrumental in helping RREAF bring this project to groundbreaking.
About RREAF Holdings LLC
RREAF Holdings LLC (“RREAF”) is a privately-held, vertically integrated commercial real estate company based in Dallas, Texas, with roots that go back nearly 35 years in the industry. RREAF focuses its portfolio of commercial real estate projects and development under three platforms aimed primarily at catering to the middle-America workforce community: programmatic value-add multifamily acquisition, opportunistic hospitality and resort redevelopment, and core ground-up development. RREAF employs over 250 people, mostly across the South and Southeastern U.S., handling a wide range of Commercial Real Estate investment matters from in-house underwriting/due diligence, capital markets, acquisition, asset management, property management, construction management, project development, accounting, and legal support. RREAF, along with its debt and equity alliances, has built a diversified portfolio in its core competencies in excess of $850MM over the past five years and expects to continue expanding these platforms.
RREAF’s Mission is to enhance the lives of its investors, partners, and properties residents and guests by providing outstanding service, excellence, and expertise, with Integrity, Vision, Values, and Purpose. For more information, please visit www.RREAF.com.