Waco, Texas — CBRE Capital Markets’ debt and structured finance team has arranged $38 million in construction financing for the development of a 724-bed student housing community located near Baylor University.
Benjamin Roelke of CBRE’s Dallas office arranged the three-year, interest-only loan with extension options on behalf of the developer, Park7 Group. Financing was provided by three different regional and commercial banks.
The five-story property, to be named Park Place at Baylor, will provide amenities including a swimming pool and hot tub, cabanas, a sand volleyball court, an outdoor fireside lounge, grilling areas, gaming rooms, a fitness studio, study areas and a computer center. Park Place at Baylor is scheduled for completion in summer 2017.