PGIM Real Estate Provides $108.5M Fixed-Rate Loan For Austin Student Housing
2504 San Gabriel Street, Austin, Texas 78705, United States
$108,500,000
Units
548
Asset Type
—
Closing
Jan 17, 2022
About this deal
AI
The recently closed transaction in Austin involved three properties located at 2504 San Gabriel St, 620 W 24th St, and 2502 Nueces St. These properties fall under the asset type of Student Housing, comprising a total of 548 units and 1,619 beds. The deal was facilitated by the lender PGIM Real Estate, who provided a fixed-rate loan of $108,500,000.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $108,500,000
- Address: 2504 San Gabriel St, 620 W 24th St, and 2502 Nueces St
- Market: Austin
- Units: 548
- Beds: 1,619
The lender, PGIM Real Estate, played a key role in facilitating this transaction. The terms of the loan included a fixed-rate agreement. This closed deal represents a significant investment in the student housing market in Austin.
Players
Austin CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93