MetLife Refis Student Housing near State of Texas with $42M loan – Business Observer

Schenk Immobilier sealed a $42 million debt package to refinance student housing near Texas State Universitylearned Commercial Observer.

MetLife provided the five-year fixed rate loan for Schenk’s The living room property, three blocks south of the Texas State Campus in downtown San Marcos. Berkadia’s steve skok arranged the transaction.

Located at 140 West San Antonio Street, The Parlor has 264 units and 457 beds. It also includes 6,000 square feet of ground floor retail and a structured parking garage. Facilities include a swimming pool, fitness center and computer lab.

MetLife’s commercial mortgage team issued $15.3 billion in loans last year in 235 transactions, including several student housing units. The life insurance giant remained busy in terms of volume in the first half of 2022, which included supply a $210 million refinancing loan to Rockrose Development Corporationluxury apartment located at 47-05 Center Boulevard in Long Island City, Queens.

Schenk Realty officials did not immediately return a request for comment. MetLife declined to comment.

Andrew Coen can be reached at [email protected].

Dorothy H. Lewis