ORIX Real Estate Americas Provides $28 Million Construction Loan for Student Housing Development Adjacent to The University o...
May 22 2018 - 10:00AM
Business Wire
ORIX Real Estate Americas (ORIX) announced the closing of a $28
million construction loan for the development of a Class “A”
student housing project located within blocks of The University of
Texas at Austin. Expected to open prior to the 2019-2020 school
year, the property will house 66 units and 236 beds. Construction
began in April 2018.
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The seven-story property is expected to
open prior to the 2019-2020 school year. (Photo: Business Wire)
“This was an excellent opportunity to provide student housing in
an area with increasing demand and constrained supply,” said Adam
Diamond, Managing Director for ORIX Real Estate Americas and the
originator on the transaction. “Historically, the student housing
sector has done well in recessionary periods as school enrollment
is usually in demand in both a good and struggling economy.”
With a boutique design, the seven-story property is located
within the University Neighborhood Overlay (UNO) district on the
west side of the campus. This area allows for 175-foot-tall
developments to promote higher density and create a
pedestrian-friendly neighborhood, while also protecting the nearby
single-family residential districts. Situated near numerous
restaurants and shops, the development earned a Walk Score—which
measures the walkability of an address on a scale of 1 to 100—of
92.
“We look forward to funding more developments in this area and
at other universities,” Diamond said.
The first and second stories will consist mainly of communal
spaces, such as a cyber lounge, study pods and conference rooms.
The residential spaces will be housed on floors three through six,
with the seventh floor featuring amenities such as a fitness center
and rooftop deck.
This development is the second Class “A” student housing project
that ORIX has funded in close proximity to The University of Texas
at Austin.
“Because we invest our own capital, ORIX offers greater
flexibility to borrowers, such as non-recourse construction and
bridge loans with higher leverage, prepayment options and flexible
terms,” Diamond said. “The three- to five-year loans are appealing,
as developers are allowed to construct and stabilize the asset
within the loan term. ORIX’s origination, underwriting, asset
management and investment committees are all located in Dallas,
which enables quick, reliable decision-making and superior customer
service.”
ORIX Real Estate Americas
ORIX Real Estate Americas is a fully integrated commercial real
estate finance, asset management and investment company which
provides a wide variety of loans and securities backed by both
traditional and specialized property types, including self-storage,
hospitality, healthcare and more. ORIX Real Estate Americas is a
business unit of ORIX Corporation USA (ORIX USA), a Dallas-based
financial services firm that has been providing innovative capital
solutions that clients need to propel their business to the next
level since 1981. With over 900 employees spanning more than 30
offices across the U.S. and Brazil, ORIX USA and its family of
companies have $57 billion of assets under management,
administration and servicing (including $8.6 billion held by the
company and its subsidiaries). Its parent company, ORIX
Corporation, is a Tokyo-based, publicly owned international
financial services company with operations in 38 countries and
regions worldwide. ORIX Corporation is listed on the Tokyo (8591)
and New York Stock Exchanges (IX). For more information on ORIX
Real Estate Americas, visit www.orix.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180522005432/en/
ORIX Real Estate AmericasAmanda Rider,
972-770-5083arider@marketwave.bizorJeff Smith,
214-237-2301Jeff.smith@orix.com
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