Kayne Anderson Secures Refi for Capstone Cottages of Lubbock

Kayne Anderson Capital Advisors LP, and partner Capstone Collegiate Communities, obtained a $48.7 million loan to refinance Capstone Cottages of Lubbock, a 969-bed, 216-unit student housing complex serving students attending Texas Tech University. Charles J. Foschini, Mitch Sinberg, Christopher Apone, Matt Robbins, Lourdes Carranza-Alvarez, and Shannon Wilson of Berkadia secured the seven-year Freddie Mac floating-rate loan, with two-years interest only and a 65% LTV.

Capstone Cottages of Lubbock delivered in 2017 at 4702 4th St. The property offers one, two, three, four and five-bedroom units, as well as a business center, clubhouse, conference room, pool, grill, picnic area and multi-use room.

“The student housing market exhibits solid advantages with consistent annual demand and returns,” Foschini said. “The transaction came with a variety of advanced waivers and approvals, including a unique prepay option should the buyer decide to sell the asset in the near term.”

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