Waco, Texas — Grandbridge Real Estate Capital has provided $12.5 million in financing for the acquisition and renovation of The Hype, a 430-bed dedicated student apartment complex located just north of Baylor University in Waco.
The property, originally constructed as a non-student property in 1970 and currently operated by The Preiss Company as The Enclave at the Stadium, will be rebranded for fall 2016. Tom Walsh of Grandbridge secured the nonrecourse loan, which features a two-year interest-only period with an initial adjustable interest rate below 3.9 percent, through BB&T Real Estate Funding. Renovation plans by the undisclosed borrower include the relocation of the property’s entrance, and upgrades on the parking area, amenities and the exterior façade. The borrower also plans to add bathrooms to select units, washers and dryers and furnishings for all units.