MetLife Refis Student Housing Near Texas State With $42M Loan
By Andrew Coen September 13, 2022 2:25 pm
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Schenk Realty has sealed a $42 million debt package to refinance a student housing asset near Texas State University, Commercial Observer has learned.
MetLife Investment Management provided the five-year, fixed-rate loan for Schenk’s The Parlor property, three blocks south of Texas State’s campus in downtown San Marcos. Berkadia’s Steve Skok arranged the transaction.
Located at 140 West San Antonio Street, The Parlor comprises 264 units and 457 beds. It also includes 6,000 square feet of ground-floor retail and a structured parking garage. Amenities include a swimming pool, fitness center and computer lab.
MetLife’s commercial mortgage team originated $15.3 billion in loans last year across 235 transactions, which included multiple student housing deals. The life insurance giant stayed busy volume-wise in the first half of 2022, which included supplying a $210 million refinance loan to Rockrose Development Corporation’s luxury apartment asset on 47-05 Center Boulevard in Long Island City, Queens.
Officials at Schenk Realty did not immediately return a request for comment. MetLife declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
