BWE, a national commercial and multifamily mortgage banking company, announced today 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 a new 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. Located just minutes from the heart of the Texas State campus, the building also has a dedicated university bus stop that residents can use to access every area of campus.
The renovations to the property 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, a new bus stop, grilling stations, fire table, new pool furniture and other amenities will be added 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.