BETHESDA, MD – Berkeley Point Capital LLC recently provided $52,320,000 in first mortgage proceeds for the refinance of West Campus II, a 348-unit / 971-bed, class A, dedicated student housing community located in in the West Campus section of Austin, TX. Structured under the Fannie Mae Delegated Underwriting and Servicing (DUS®) Student Housing program, the loan is a ten-year, fixed-rate mortgage with full term interest only payments.
“As part of Berkeley Point’s commitment to the student housing sector, we are pleased to have worked closely with Fannie Mae and the sponsors to structure this transaction,” said Jim McDevitt, President of Berkeley Point Capital LLC. “We’re confident this asset class will continue to grow. Through the efforts of all involved, we were able to deliver the desired terms while providing a low cost of capital utilizing Fannie Mae’s competitively priced Student Housing program.
The property is sponsored by a real estate fund managed by Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors LLC. Berkeley Point Capital Director, Adam Randall of its Bethesda, MD office, led the Berkeley Point team.
Built in 2007 -2008, the community is located on three non-contiguous parcels in the West Campus neighborhood of Austin, TX – Quarters Grayson House, Quarters Nueces House, and Quarters Karnes House/ Parking Garage. Each property is located on its own parcel within a two-block radius. The subject is also part of a larger two-phased community, named The Quarters, which consists of a total of seven buildings and 1,674 beds. The Quarters is located within walking distance to the University of Texas campus which has an enrollment of more than 51,000 students. On-campus housing only has capacity for approximately 7,000 students, so there is significant demand off-campus. Considered an elite housing option in the West Campus neighborhood, The Quarters provides upscale amenities, stylish courtyards, 24/7 fitness center access, on-site parking, and stained concrete floors, as well as furnished units upon request.
about berkeley point capital
Berkeley Point Capital LLC is one of the nation’s leading multifamily capital solutions providers. The firm boasts a 30+ year history and a servicing portfolio of over $29 billion representing in excess of 2,100 loans in 45 states and the District of Columbia. This extensive and diverse national platform allows us to provide our clients with superior execution in every market in the country.
Berkeley Point is owned by entities affiliated with Ranieri Real Estate Partners LP and WL Ross & Co. LLC. As a part of its multifamily expertise, the firm offers the full complement of Fannie Mae, Freddie Mac, and FHA products.
Focusing on a three-pronged strategy of exceptional people, unique multifamily capital solutions and superior technology, our team of nearly 200 people located in nine offices across the nation provides our customers a competitive advantage through speed, creativity, ease of interface and certainty of execution.
For more information on Berkeley Point Capital, please visit our website at www.berkpoint.com.
about principal real estate investors
Principal Real Estate Investors manages or subadvises $41.5 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.