DEAL OF THE DAY: GE Provides $29M Loan to Student Housing Complex
- Feb 12, 2008
By Anuradha Kher, Online News EditorBryan-College Station, Texas–GE Real Estate has provided a $29.84 million, on-book fixed-rate loan to Jamespoint Management Co. for the purchase of Reveille Ranch Apartments, a student housing complex in Bryan-College Station, one mile north of Texas A & M University. The recently built Class A garden-style apartment community has 372 units (972 beds) in 21 three-story buildings on 25 acres. Texas A & M University has 46,000 students, of whom nearly 80 percent live off campus.“GE’s on-book financing gives us the flexibility to smooth out the leasing contracts and use our significant economies of scale in this market to lower expenses,” says Charles Laningham, the majority owner of Jamespoint Management, which invests exclusively in education-related real estate and has properties including more than 1,784 units in the Bryan-College Station area.Robert Shore, senior director for GE Real Estate says, “We find this asset type appealing because of its stability and insulation against economic downturns.”Jamespoint is expected to enhance value of the property by increasing occupancy through focused management and improving operational performance.