Core Spaces, Harrison Street Land Refi for 400-Unit Dallas BTR
Proceeds retire an $86 million construction loan.
Core Spaces and Harrison Street Asset Management have secured a refinancing loan for Oxenfree Princeton, a 408-unit build-to-rent property in the Dallas suburb of Princeton, Texas. GID provided the debt in a deal arranged by Newmark.
The note retires a previous $86 million construction loan issued by Western Alliance Bank in 2023, Yardi Matrix data shows. The property came online late last year.
Oxenfree Princeton encompasses a mix of townhomes and detached single-family houses with layouts including two- to four-bedroom floorplans that average 1,572 square feet. Community amenities include a swimming pool, a gym, a sports court and coworking spaces.
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Located on more than 50 acres at 1525 FM 982, the community is in North Dallas, less than 2 miles from U.S. Route 380. Several major employment centers are within less than 20 miles, including McKinney, Texas’ Raytheon campus and the corporate hub of Plano, Texas, with employers such as Toyota, JP Morgan, Ericsson and Capital One, among others.
Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone, together with Vice Chairmen Blake Thompson and Clint Frease, as well as Managing Directors Travis Bailey and Josh Francis, arranged the financing agreement.
The emergence of the BTR-branded product
Core Spaces launched its Oxenfree BTR brand in 2020. Two years later, the company teamed up with Harrison Street in a $1.5 billion joint venture for the development and acquisition of BTR assets. As of December 2025, Core had 3,000 BTR units under development or leasing. Harrison Street had invested in 7,800 BTR homes through the end of this year’s first quarter.
Oxenfree capitalizes on the wellness single-family rental market through hospitality-focused management across suburban properties. When investing, Core Spaces considers metrics such as population and job growth, as well as median income and school rankings.
High-profile BTR brands in Dallas
The Metroplex’s BTR sector ballooned significantly on account of the market’s rapid employment and population growth. Developers expanded Dallas-Fort Worth’s inventory by more than 16 percent each year since 2021, according to a Northmarq report.
Some of the country’s largest developers are active in North Texas. For instance, Taylor Morrison, which reached an agreement to be acquired by Berkshire Hathaway for $8.5 billion in May, has delivered more than 1,100 BTR units under the Yardly flag across Dallas-Fort Worth since 2024, the same Northmarq report shows. Similarly, NexMetro’s Avilla-branded collection encompassed approximately 2,000 BTR units as of March.
