Walker & Dunlop LLC has arranged a $12.7 million refinancing of a construction loan secured by Aspen Heights, a student housing community located near the San Antonio campus of the University of Texas.
Texas Realty Capital originated the 10-year loan at a 70% loan-to-value with a 1.30 debt-service coverage ratio and a 30-year amortization. Breckenridge Group UTSA LLC was the borrower.
Aspen Heights is a cottage-style student housing community with 104 units built in 2010. The community’s 5,000 sq. ft. clubhouse features a movie theater, fitness center, tanning beds, game room, computer lab and several seating areas with large flat-screen televisions.
Additional amenities include an in-ground pool, large patio area, tournament-style volleyball courts and a free private shuttle bus service to campus. The property was 100% leased at the time the refinancing deal closed.
Bethesda, Md.-based Walker & Dunlop is a provider of commercial real estate financial services with a primary focus on multifamily lending. The company lends on most major multifamily asset classes including market-rate apartments, affordable apartments, manufactured housing communities, seniors housing, student housing and certain health care facilities.