Austin, Texas — Berkeley Point Capital LLC has provided $52,320,000 in first mortgage proceeds for the refinance of West Campus II, a 348-unit, 971-bed, class A, student housing community in the West Campus section of Austin, Texas. Structured under the Fannie Mae Delegated Underwriting and Servicing (DUS) Student Housing program, the loan is a 10-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 2008, the community is on three non-contiguous parcels — 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. They also are part of a larger two-phased community, The Quarters, which consists of seven buildings and 1,674 beds. The Quarters is located within walking distance to the University of Texas campus.