Benefit Street Partners Lends $35M on Apartments Near Texas A&M

Partin Development has landed $35.2 million of acquisition financing for a multifamily asset in College Station, Texas, Commercial Observer has learned.

Benefit Street Partners provided the bridge loan on Partin’s newly acquired 1720 at Harvey property, roughly five miles from the Texas A&M University campus. The nonrecourse, full-term, interest-only deal consists of a two-year term and 12-month extension option.

The purchase price and the seller of the property could not immediately be gleaned. 

Greystone brokered the transaction with a team led by Eric Rosenstock, Thomas Wayda and Dante DiStefano. 

Rosenstock, senior managing director at Greystone, said in a statement that he was “thrilled with the outcome” regarding the deal after “collaborating with our debt placement experts.”

Located at 1720 Summit Crossing Lane, the 288-unit apartment community consists of one-, two- and three-bedroom units. Property amenities include a fitness center, a yoga studio, a spin room, a swimming pool, barbeque grilling areas, an outdoor dining pavilion, a pet spa, a game room and a dog park. 

Officials at Benefit Street Partners and Partin Development did not immediately return requests for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com