CBRE Capital Markets’ Debt & Structured Finance team has arranged $86 million in construction financing for the development of two student housing properties located adjacent to the campuses of Baylor University and Louisiana State University.
Benjamin Roelke of CBRE’s Dallas office and David Meese of CBRE’s Pittsburgh office arranged two separate three-year, interest-only loans with extension options on behalf of the Park 7 Group. Financing was provided by three different regional and commercial banks.
The properties included in the transaction are:
• Park Place at Baylor, 909 Baylor Ave, Waco, Texas; 261 units, 724 beds
• Park Place at LSU, 222 East Boyd Drive, Baton Rouge, Louisiana; 277 units, 745 beds
Park Place at Baylor will be located on Baylor Avenue between 9th and 10th Streets, within a five-minute walk to Baylor's campus. The five-story mid-rise property will provide residents with top of the line amenities including a resort-style swimming pool and hot tub, pool cabanas, sand volleyball court, outdoor fireside lounge, grilling areas, gaming rooms, fitness studio, study areas and a computer center.
Park Place at LSU will be located adjacent to LSU, providing residents with a prime location near the university’s campus. The six-story mid-rise property will feature several rooftop amenities including a resort-style pool, hot tub, fire pit, barbeque area, outdoor TV screen, and lounge areas.
Both properties are slated to complete construction and lease up in the summer of 2017.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
