REBusinessOnline

Berkadia Provides $48.6M Freddie Mac Loan for Refinancing of Lubbock Apartments

Capstone-Cottages-of-Lubbock

Capstone Cottages of Lubbock totals 969 beds.

LUBBOCK, TEXAS — Berkadia has provided a $48.6 million Freddie Mac loan for the refinancing of Capstone Cottages of Lubbock, a 969-bed student housing community in the West Texas city of Lubbock. Built in 2017. The property features 216 units in one-, two-, three-, four- and five-bedroom configurations. Amenities include a pool, business center, resident clubhouse, conference room and outdoor grilling and picnic area. Charles Foschini, Mitch Sinberg, Christoper Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia placed the debt on behalf of the borrower, a partnership between Florida-based Kayne Anderson Capital Advisors LP and Alabama-based Capstone Collegiate Communities. The loan carried a floating interest rate, seven-year term and a 65 percent loan-to-value structure.

Get more news delivered to your inbox. Subscribe to France Media's twice-weekly regional e-newsletters. Click here.



Related News

Conferences