Texas Upscale Community Receives $28M Refi
The 249-unit luxury property in College Station was built in 2016 and is owned by a joint venture between Midway and Harrison Street.
A joint venture of Midway and Harrison Street have received $27.5 million to refinance 100 Park at Century Square, a 249-unit luxury apartment community in College Station, Texas. The property is located directly across from the campus of Texas A&M University, the largest university in the state by enrollment.
Located at 170 Century Square Drive, the community is within the 60-acre Century Square mixed-use development, which features retail, dining, entertainment venues, luxury residential, two hotels and 60,000 square feet of Class A office space.
Completed in 2016, 100 Park offers a mix of studio, one- and two-bedroom units with luxury finishes including stainless steel appliances, granite countertops, washers and dryers and patios or balconies. Community amenities at the property include a swimming pool, outdoor lounge and green space, grilling area, fitness center and covered parking.
An HFF debt placement team of Colby Mueck, Timothy Joyce, Stephen Skok and Stuart Hepler arranged the loan from an affiliate of Granite Point Mortgage Trust on behalf of the joint venture.
The town of College Station was an outlier in terms of rental pricing in 2018. As the national average rent closed the year with a 3.1 percent increase from the previous year and rental prices in small Texas cities—such as Odessa and Midland—skyrocketed, College Station experienced average monthly rent decreases of 1.1 percent, according to Yardi Matrix data.
Image courtesy of HFF