Thrive in Lubbock isa 744-bed/264-unit student housing community located at 210 N.Winston.
LUBBOCK, TX—Financing has been procured for the acquisition ofThrive in Lubbock, a garden-style student housing community located2.5 miles from Texas Tech University's academic core along thenorthwest shuttle route. The five-year 65% loan-to-costfloating-rate loan was provided by East West Bank and featuresthree years of interest-only payments, along with an escrow forfunding future improvements and no prepayment penalty.
Benjamin Roelke and Ian Walker with CBRE capital markets' debtand structured finance team in Dallas arranged the financing forthe second acquisition in a newly formed joint venture betweenTEXLA Housing Partners and a private equity real estate fundadvised by Crow Holdings Capital.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
