Hunt Mortgage Provides $9.1M Acquisition Loan for Student Housing Property in Waco
WACO, TEXAS — Hunt Mortgage Group has provided a $9.1 million first mortgage bridge loan for West Campus Lofts, a 180-bed student housing property serving Baylor University in Waco. The loan features a 24-month term and a floating interest rate. West Campus Lofts totals 72 one-, two-, three- and four-bed units and offers amenities such as a pool and spa, 24-hour fitness center, game rooms and a study lounge. The property is located roughly half a mile from campus and was 85 percent occupied at the time of loan closing. The borrower, California Private Capital Group LLC, which manages more than 1,500 multifamily units in California and Texas, used the financing to purchase and complete the lease-up of West Campus Lofts.