ORIX Real Estate (ORIX) has closed a $28 million loan for the development of a 236-bed, Class A student housing project in Austin, Texas. The company provided the loan on behalf of an undisclosed developer.
Located within minutes from the University Neighborhood Overlay district on the west side of the University of Texas at Austin campus, the community will offer convenient access to various dining, shopping and entertainment venues.
Upon completion prior to the 2019-2020 school year, the seven-story property will offer 66 units serving students at UT Austin. The first story will consist of communal spaces including a cyber lounge, study pods and conference rooms. The third- to sixth-floor will include residential spaces and the seventh floor will feature a fitness center and a rooftop deck.
“Historically, the student housing sector has done well in recessionary periods as school enrollment is usually in demand in both a good and struggling economy,” Adam Diamond, managing director for ORIX Real Estate Americas, said in a statement.
This development ranks as the second Class A student housing project that ORIX has funded in close proximity to The University of Texas at Austin.
Image via Google Street View
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