COLLEGE STATION, TX--Berkadia has originated a $34.1 million loan for Woodlands of College Station, a student housing community in College Station. Managing director Jackson Cloak of the Irvine, CA office secured the financing through Berkadia's Fannie Mae Program.

“Woodlands of College Station has the best amenity package in the market driving strong occupancy and rents since construction was completed in 2007,” Cloak told GlobeSt.com. “The property managed to maintain market share and even grow rents with strong competition entering the market.

“The property also had unique legal aspects that needed to be set up to deal with shared amenities and the neighboring condominiums. Strong borrowers and their long-time relationship with Berkadia were crucial in getting all the ducks in a row and delivering when several FNMA shops fell short.”

The San Diego borrower will use the loan to refinance the existing debt on Woodlands of College Station, which is located at 1725 Harvey Mitchell Pkwy. The community, which is 98 percent occupied, consists of 21 buildings and 276 units that offer two-, three- and four-bedroom layouts. Community amenities include study areas, a cyber cafe, basketball and volleyball courts, a fitness center and a resort pool.

“This transaction involved several legal considerations that had to be resolved before the loan could close,” says Cloak. “Our extensive experience with this product type and the Texas market, coupled with our sophisticated and collaborative client, allowed us to structure the loan with attractive terms and close the deal efficiently.”