Lincoln Ventures to Develop 236-Bed TX Community
The ADC loan for the 66-unit Austin student housing property, slated to open in 2019, marks the second financing deal closed by Highland Realty Capital and WPC Realty on behalf of the company in the past months.
By Adina Marcut
Highland Realty Capital Inc. (HRC) has partnered with WPC Realty to secure a $28.5 million acquisition, development and construction loan for The Ruckus 2.0, a 236-bed student housing community in Austin, Texas. Local developer Lincoln Ventures is in charge of the project slated for completion by fall 2019.
The seven-story building will offer common features and amenities such as:
- underground gated parking
- secure access
- rooftop terrace
- cyber café
- sky gym
- study lounges
- Google Fiber
The 66-unit development marks the second student housing construction financing deal secured by the two firms on behalf of Lincoln Ventures in the past months. Located at 2401 Rio Grande, in the West Campus area of the University of Texas, The Ruckus 2.0 will be close to a mix of dining, shopping and entertainment venues including Blanton Museum of Art, Clark Field, Darrell K Royal-Texas Memorial Stadium, Eastwoods Neighborhood Park and Pease District Park.
HRC’s Mike Guterman along with John Ghiselli sourced the loan with Dallas-based ORIX RE Holdings, an affiliate of ORIX USA Corp. Back in July 2017, HRC brokered the acquisition of College Crest Apartments, a 184-bed student housing property in Pullman, Wash. The garden-style community was acquired by Nelson Brothers.
Rendering courtesy of Highland Realty Capital Inc.