May 19, 2020
SVN | Angelic recently closed on the 156,024-square-foot Ascension Texas headquarters office building at 1345 Philomena St. in Austin, across from the Dell Children’s Medical Center in the mixed-income, mixed-use community of Mueller. SVN | Angelic’s Gabriel Silverstein partnered with the Centurion Foundation’s Ben Mingle to conceive and execute the transaction on behalf of Ascension Texas.
The Ascension/Centurion team purchased the building from an investment fund of Black Creek Group, which represented itself. Silverstein and Duncan Swanston of CGA Capital also structured $83,760,000 of financing on behalf of these same parties, in conjunction with the restructuring of Seton Healthcare’s lease of the property.
“By electing to work with the Centurion Foundation, this transaction structuring allows Ascension Texas to gain long-term control of its headquarters office building,” said Silverstein. “This transaction also allowed restructuring of Seton’s existing lease and occupancy costs, resulting in millions annually in savings for Seton.”
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