Lubbock, Texas — CBRE has arranged acquisition financing for Thrive in Lubbock, a 744-bed student housing community located near Texas Tech University. Benjamin Roelke and Ian Walker of CBRE secured the financing on behalf of a joint venture between TEXLA Housing Partners and a private equity real estate fund advised by Crow Holdings Capital. The five-year, 65 percent loan-to-cost, floating-rate loan was provided by East West Bank and features three years of interest-only payments along with an escrow for funding future improvements and no prepayment penalty. Renovations are planned for unit interiors under the new ownership, to include the addition of new appliances, flooring, furniture and fixtures.
CBRE Arranges Acquisition Financing for 744-Bed Community Near Texas Tech