A $24 million refinancing loan has been closed for a 502-bed, Class-A student housing property located at Sam Houston State University in Huntsville, TX. The property, delivered in 2018, is owned by Stonemont Financial Group and suffered setbacks due to the COVID-19 pandemic. The sponsor is working towards restoring the asset to its pre-pandemic levels. The loan proceeds will provide Stonemont with additional time to lease-up and stabilize cash flows.

Summary of transaction details

• Property Type: Student Housing
• Transaction Amount: $24,000,000
• Market: Huntsville, TX
• Lender: BridgeInvest - Alex Horn
• Landlord: Stonemont Financial Group
• Broker: Jayme Nelson
• Loan Type: Refinance

BridgeInvest, represented by Alex Horn, served as the lender for this refinancing deal. Jayme Nelson, from an undisclosed agency, acted as the broker. The loan aims to support Stonemont Financial Group in recovering the asset to its pre-pandemic performance by providing additional time to lease-up and stabilize the property's cash flows.