Oxford, Miss. — University Trails was purchased by Texla Housing Partners and Vermillion Development Corp. in 2010.
Oxford, Miss. — Capital Advisors President Cooper Willis and Walker & Dunlop Senior Vice President Will Baker have arranged and structured the $11.5 million refinance loan under Freddie Mac’s CME Program for Texla Housing Partners for University Trails, an off-campus student housing property in Oxford, Miss. In 2010, a joint venture between Texla Housing Partners and Vermillion Development Corporation purchased the property for approximately $6.6 million and repositioned, rebranded and upgraded it. According to Walker & Dunlop, the owners’ management approach and a strong Oxford market, the property realized an increase in value over a short time period. As a result, the owners wanted to pull equity out of the project and opted to defease the original loan in favor of a new seven-year fixed rate loan offered by Freddie’s CME program, as an alternative to using Freddie Mac’s Supplemental Loan Program. Capital Advisors and Walker & Dunlop structured the refinance on behalf of Texla Housing Partners four years after providing initial financing for the property.