Berkadia Arranges Debt & Equity for Acquisition of Apartments near Texas A&M University
Berkadia announces it has secured debt and equity for the acquisition of the 192-unit Element at University Park in College Station, Texas. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office and Managing Director Brad Williamson of Berkadia’s Miami office secured a senior loan on behalf of One Real Estate Investment (OREI), a real estate investment and asset management firm based in Miami. Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, lined up an institutional quality equity partner to complete the equity stack with an investment through Electra Capital.
Berkadia originated a 10-year Freddie Mac, floating-rate loan for Element at University Park. Electra Capital provided a preferred equity investment.
“College Station’s propitious market offers a compelling opportunity to tap into Texas A&M’s 70,000 students, which make up more than half of College Station’s general population,” said Williamson.
Added Jeronimo Hirschfeld, CEO of OREI, “Although this transaction presented new challenges in a unique investment climate, Element at University Park is an excellent acquisition for OREI’s growing market rate portfolio. The property has significant upside potential in terms of interior renovations and exterior amenities. The asset benefits from close proximity to not only the United State’s second-largest university, but also a diverse mix of healthcare employers.”
Built in 2000, Element at University Park is situated at 4475 Carter Creek Pkwy. Located under 10 minutes away from Texas A&M University – College Station’s economic driver – the community’s one- and two-bedroom units include a range, dishwasher, stainless steel appliances, washer/dryer and Wi-Fi. Community amenities feature an elevator, business center, courtyard, tennis court and picnic area.