After arranging a $53.5 million in senior debt for a multifamily community in Norwalk, Conn., CBRE has secured financing for the acquisition of 21 Pearl, a 272-bed student housing property serving the University of Texas. A life company provided the five-year, fixed-rate loan which features a full-term interest-only payment along with a flexible prepayment structure.
CBRE’s Capital Markets Debt & Structured Finance Benjamin Roelke and Ian Walker were part of the team that represented a partnership between TEXLA Housing Partners and a private equity real estate fund managed by Crow Holdings Capital. The joint venture plans to invest $1.4 million for improvements including upgrading the building’s exteriors, common areas and amenities.
Located at 911 W. 21st St., in Austin’s West Campus neighborhood, the property offers convenient access to various dining, shopping and entertainment venues including Littlefield Fountain, Caswell Tennis Center, Starbucks, Urban Outfitters and the campus, situated 1.8 miles away. The student housing community is currently 96 percent occupied.
Built in 2013, the 135-unit property features a mix of studios, one-, two-, three and four-bedroom units ranging from 580 to 1,336 square feet. The pet-friendly community includes common-area amenities such as a 24-hour fitness center, 24-hour private study rooms and on-site management.
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