MetLife Refis Student Housing Near Texas State With $42M Loan

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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.

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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