$31,400,000
San Marcos, TX
Transaction Type
Cash Out Refinance
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- Class A, 391-bed, 6-story mid-rise student housing building, located 6 blocks from Texas State University
- Construction loan refinanced to an A10 bridge loan
- Low occupancy at time of closing due to construction delays
Solutions & Highlights
- Committed and experienced Borrower who continually supported the property
- Property offered top of the market amenity package
- Borrower hired highly experienced management/leasing representative
- 3-year, floating-rate, interest only term