By Liviu Oltean, Associate Editor
Judging by one of Berkadia’s recent announcements, if you were to put a wager on the real estate market in College Town, Texas, it had better be on student housing. The small city owes much of its prosperity to the presence of Texas A&M University, which has had a tremendous impact on the local economy.
Berkadia announced that it has originated a $34.1 million loan for Woodlands of College Station, a 276-unit student housing community located at 1725 Harvey Mitchell Parkway. The community, which consists of 21 buildings, offers two-, three- and four-bedroom layouts and includes amenities such as study areas, a cyber café, basketball and volleyball courts, a fitness center and a resort pool.
The borrower was an undisclosed company from San Diego, which will use the loan to refinance the asset’s existing debt. Managing Director Jackson Cloak of Berkadia’s Irvine office secured the financing through the firm’s Fannie Mae program.
“This transaction involved several legal considerations that had to be resolved before the loan could close,” said Cloak. “Our extensive experience with this product type and the Texas market, coupled with our sophisticated and collaborative client, allowed us to structure the loan with attractive terms and close the deal efficiently.”