July 27, 2016
Park 7 Group, headquartered in New York City, has received a total of $86 million in construction financing to build two student housing properties that will serve Baylor University in Waco, TX and Louisiana State University in Baton Rouge, LA.
Benjamin Roelke of CBRE’s Dallas office and David Meese of CBRE’s Pittsburgh office arranged two separate three-year, interest-only loans with extension options on behalf of the borrower, with financing provided by three different regional and commercial banks.
Park Place at Baylor will be located on Baylor Avenue between 9th and 10th Streets, a five-minute walk to campus. Park Place at LSU will be adjacent to LSU. Both properties are slated to complete construction and lease up in the summer of 2017.
For comments, questions or concerns, please contact Amy Sorter