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Harrison Street Secures $42M Loan For Century Square Mixed-Use Property

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FINANCED
$42,000,000

Texas

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Mixed-use
Financed 10/04/2019
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FINANCED

Harrison Street Secures $42M Loan For Century Square Mixed-Use Property

175 Century Square Dr, College Statio...

See Similar Deals
Mixed-use
Financed 10/04/2019
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Summary

TEXAS
Asset Type:Mixed-use
Transaction Type:Loan

The Century Square property in College Station, Texas has undergone a refinancing transaction involving a $42 million loan. This mixed-use development features 159,128 square feet of retail space, 57,204 square feet of office space, two hotels with a total of 303 rooms, and 249 multifamily units. Situated near Texas A&M University’s campus, the property also includes open green spaces and was built in 2018.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $42,000,000.00
  • Address: 175 Century Square Dr, College Station, Texas
  • Market: College Station
  • Borrower's Rep: Stephen (Steve) Skok (JLL)
  • Borrower: Harrison Street
  • Lender: Ares Management

The loan for Century Square was provided by Ares Management Corp. to the borrower, a partnership between Midway Cos. and Harrison Street, based in Houston and Chicago respectively. The transaction was arranged by Colby Mueck, Timothy Joyce, Stuart Hepler, Katherine Miller, and Charlie Strauss of JLL, alongside borrower's representative Stephen (Steve) Skok from Berkadia.

Players

Stephen (Steve) Skok
4 deals$276M volume(312) 845-5164
BROKER

Ares Management
LENDER

Details

FINANCED
IMAGE: 10/04/2019 ADDRESS: 175 Century Square Dr, College Statio... MARKET: College Station ASSET TYPE: Mixed-use BORROWER'S REP: Stephen (Steve) Skok(JLL) BROKERS: Stephen (Steve) Skok(Berkadia) BORROWER: Harrison Street LENDER: Ares Management LOAN AMOUNT: $42,000,000.00

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$42,000,000.00

Monthly NOI$280,000.00
Monthly Debt Service$265,468.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00