TX Community Secures $49M Freddie Mac Loan
The 216-unit student housing community offers convenient access to Texas Tech University and to the city’s downtown area. Berkadia represented Kayne Anderson Capital Advisors LP and Capstone Collegiate Communities.
Following the arrangement of a $76 million sale of ReNew at the Shops in Mission Viejo, Calif., Berkadia has secured a $48.7 million Freddie Mac refinance loan for Capstone Cottages of Lubbock, a 969-bed student housing community in Lubbock, Texas. The company worked on behalf of Kayne Anderson Capital Advisors LP and Capstone Collegiate Communities to arrange the seven-year, floating-rate loan.
Located at 4702 4th St., Capstone Cottages of Lubbock is situated in close proximity to the city’s downtown and to Texas Tech University. Additionally, the community is close to routes US-82 and Texas 289 Loop, which offer convenient access to Lubbock and other areas.
Built in 2017, the property features a mix of 216 one-, two, three-, four- and five-bedroom units. In-unit amenities include granite countertops, stainless steel appliances and washers/dryers. Common-area amenities include:
- 24-hour clubhouse
- fitness center
- resort-style swimming pool
- steam room
- outdoor cabanas
- business center
- tanning beds
- outdoor gathering areas
- sand volleyball
- pet washing station
- shuttle service
- outdoor fitness area
- entertainment room
Senior Managing Director Charles Foschini, Senior Managing Director Mitch Sinberg, Managing Director Christopher Apone, Associate Director Matt Robbins, Senior Analyst Lourdes Carranza-Alvarez and Analyst Shannon Wilson were part of Berkadia’s team that arranged the loan.
“The opportunities for educated investment within the sector continue to make this asset class increasingly attractive, regardless of where we are in the economic cycle,” Foschini, said in a prepared statement. “Freddie Mac also continues to provide great flexibility to those it shares a relationship with. The transaction came with a variety of advanced waivers and approvals including a unique prepay option should the buyer decide to sell the asset in the near term.”
Image courtesy of Berkadia