Partin Development Secures $35.2 Million Loan From Benefit Street Partners For College Station Multifamily

The asset involved is a 288-unit multifamily property located at 1720 Summit Crossing Lane in College Station, Texas. An acquisition loan of $35,200,000 was secured by Partin Development from Benefit Street Partners Realty for this property. The loan is a nonrecourse, full-term, interest-only bridge loan that includes a two-year term and the option for a 12-month extension.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $35,200,000
• Lender: Benefit Street Partners Realty
• Landlord: Partin Development
• Loan Type: Acquisition
• Loan Terms: Nonrecourse, full-term, interest-only, two-year term with a 12-month extension option
• Brokers: Dante Distefano, Eric Rosenstock & Thomas Wayda - Greystone

The transaction was brokered by Greystone, with key individuals Dante Distefano, Eric Rosenstock, and Thomas Wayda leading the efforts in facilitating the acquisition financing for the multifamily asset.