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SAN MARCOS, TX-Sanctuary Lofts has received $23 million in fixed-rate bridge financing from Live Oak Capital Ltd. of Houston and New York City-based CharterMac Mortgage Capital. The 202-unit, 533-bed student Downtown housing property is owned by several name developers and investors in Central Texas.

The five-year loan carries an interest rate of 6.08% and provides the ownership partners with future flexibility on the terms, says Jim Kirkpatrick of Live Oak Capital who closed the transaction with Pam Saylor of CharterMac Mortgage. The loan replaces construction financing previously provided by PNC Real Estate Finance of Pittsburgh and arranged by Live Oak Capital.

For the ownership entity, the Sanctuary Lofts LP, the new financing comes at an opportune time, Kirkpatrick points out. The 27,000-student body at the Texas State University campus in San Marcos is estimated to grow by 18% through 2010 "and there are no university plans for new construction of dormitories or residential units for the next 10 years," the broker says.