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Amid a Challenging Student Housing Loan Climate, Financing Goes On

DALLAS—Despite a challenging financing market for student housing construction, attractive terms made two projects a reality, with Park Place at Baylor anticipated to transform an area near the Baylor campus.

By Lisa Brown | lisabrown | | Updated on August 01, 2016
Student Housing Park Place at Baylor is within a five-minute walk to Baylor’s campus.
DALLAS—An influx of students is resulting in continued demand for student housing in universities across the country. In turn, commercial development is scrambling to accommodate the crush of college-aged residents, in albeit a challenging lending environment. One loan has recently funded two separate projects near Baylor and Louisiana State Universities. The $86 million in construction financing by CBRE capital markets’ debt and structured finance team will contribute to the development of two student housing properties located adjacent to the campuses of Baylor University and Louisiana State University . The properties included in the transaction are Park Place at Baylor , 909 Baylor Ave. with 261 units and 724 beds, and Park Place at Louisiana State University , 222 East Boyd Dr. with 277 units and 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 amenities including a 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 Louisiana State University will be located adjacent to the campus. The six-story mid-rise property will feature several rooftop amenities including a pool, hot tub, fire pit, barbecue area, outdoor TV screen and lounge areas. 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. Roelke tells GlobeSt.com: “Despite a challenging financing market for student housing construction, we were able to secure attractive terms that would make this project a possibility. Park Place at Baylor is going to help transform this area adjacent to the Baylor campus.”  

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