BWE, a national commercial and multifamily mortgage banking company, announced that it has secured financing for the purchase and improvement of The Junction, a 152-unit, 488-bed student housing community located adjacent to Texas State University in San Marcos, Texas.
Chris Carroll and Max Miller, in BWE’s Chicago office, arranged the financing with Byline Bank on behalf of Campus Realty Advisors. Upon completion of the property improvements, The Junction will offer residents extremely competitive rents compared to other student housing options in the area.
“As Texas State plans to welcome anew class in the fall, communities like The Junction play a key role in ensuring students have high-quality housing with competitive rents they can afford. By leveraging BWE’s deep lending connections, we were able to secure a loan for our client that will allow them to acquire and transform The Junction into the premier housing option for Texas State students,” said Carroll.
The Junction features a mix of two-bedroom, three-bedroom, and four-bedroom units and offers residents a wide range of amenities, including a swimming pool and commercial-style fitness center.
The renovations to The Junction will bring residents an efficient and state-of-the-art clubhouse and leasing center with dedicated study areas and active community gathering spaces. In addition, anew bus stop, grilling stations, fire table, new pool furniture and other amenities will beadded around the property. Other improvements will include full building exterior painting, significant HVAC and water heater replacement, new exterior property fencing throughout the property, and updates to security systems, signage, and landscape.
