Stonelake Capital has completed a $135 million refinancing of Domain Tower 2, a 24-story office tower in Austin’s Domain district. The 332,000-square-foot property, delivered in 2022, received the new loan from Barings, replacing prior debt on the asset.
According to Commercial Search, the new financing succeeds a loan originated in 2023 and held by JP Morgan. That 2023 note had itself refinanced a 2019 construction facility provided by a three-bank consortium comprising JP Morgan, Citizens Bank and Frost Bank, marking the third major capital stack iteration on the property since its development phase.
Domain Tower 2 has attracted a notable roster of technology and fintech tenants. Over the past four years, PayPal has steadily expanded its presence in the building to more than 150,000 square feet, accounting for nearly half of the tower’s total area. Additional tenants include fintech firm Wise, which has leased 60,682 square feet, as well as Samsung and ShiftKey, further diversifying the building’s occupancy base.
The tower is part of Stonelake’s broader long-term investment and development strategy in Austin’s Domain district. In 2012, Stonelake acquired 33 acres within the Domain for what it calls its South End project. Since then, the firm has completed five stages of that master plan, spanning multiple property types and building formats.
Within this South End initiative, Stonelake has delivered two multifamily communities, Flatiron and The Bowen, alongside three office assets: Domain Tower, Domain Place and Domain Tower 2. Domain Tower 2 is the tallest building within the master-planned area, reinforcing its role as a key office anchor within the larger mixed-use environment Stonelake is assembling in the submarket.
The new refinancing by Barings underscores continued lender engagement with institutional-quality office product in the Domain, supported by a tenant mix weighted toward technology and fintech users. With construction debt now fully cycled into longer-term financing, Domain Tower 2 appears positioned as a stabilized component of Stonelake’s multi-phase South End platform.
