Orion Real Estate Partners Secures $19.4 Million Freddie Mac Loan For The Timbers In San Marcos
900 Peques Street
$19,400,000
Building Size
—
Asset Type
Student Housing
Closing
Oct 8, 2024
AI
The Timbers is a student housing community located at 900 Peques Street in San Marcos, Texas. The property has 155 units and accommodates a total of 253 beds, situated on 9 acres of land. It is currently 99.6% occupied and includes amenities such as a fitness center and swimming pool, which enhance its appeal to students, particularly due to its proximity to Texas State University.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $19,400,000
- Market: San Marcos
- Asset Units: 155
- Asset Beds: 253
- Landlord: Orion Real Estate Partners
- Lender: Freddie Mac
- Brokers: Dan Kearns, Katia Novi, Patricia Heminger & Rebecca Brielmaier - JLL
- Loan Type: Refinance
The loan of $19.4 million was arranged by JLL Capital Markets to refinance the property, which was previously purchased in December 2021 for $22.3 million. The financing reflects the continued interest in student housing investments within the market.
Players
San Marcos Student Housing Market Snapshot
Boundary boundary · Student Housing · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.82%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93