Partin Development has secured $42 million in bridge financing to refinance a recently completed multifamily property near Texas A&M University, Commercial Observer has learned. Dwight Investment Management provided the loan for the 288-unit property, 1720 at Harvey, in College Station, Texas, which opened in 2023.
The loan was originated by Dwight's Katie Goldenberg and will be used to pay off existing debt and provide cash distributions to the borrower, according to Dwight Investment Management. Eric Rosenstock of Greystone Capital Advisors negotiated the financing transaction. The deal closed almost two years after Partin Development received $24 million in acquisition financing from Benefit Street Partners for the same project, as Commercial Observer reported at the time.
Property features and location
The property is located at 1720 Summit Crossing Lane, approximately one mile from the Texas A&M University campus. It offers one to three-bedroom apartments. Its proximity to a university underscores its appeal for student accommodation or young professionals seeking a comfortable environment.
The communal facilities at the 1720 at Harvey residential complex are extensive and contribute to a high quality of life. Amenities include several swimming pools, a fully equipped fitness centre, a yoga studio, and a clubhouse. Furthermore, a business centre, a pet park, and barbecue areas are available, offering residents diverse leisure opportunities.
Parties involved
- —**Partin Development:** The borrower and developer of the 1720 at Harvey multifamily property.
- —**Dwight Investment Management:** The lender, represented by Katie Goldenberg.
- —**Greystone Capital Advisors:** Negotiated the financing, represented by Eric Rosenstock.
- —**Texas A&M University:** The nearby educational institution, which plays a significant role in demand at the location.
Requests for comment from Partin Development and Greystone Capital Advisors initially went unanswered.
