DALLAS – July 21, 2021 – Berkadia today announced the financing secured for Midtown Station Apartments, a 264-unit garden-style multifamily property in College Station, Texas. Senior Managing Director Tim Nunan of Berkadia Dallas secured the $33.31 million in permanent construction financing on behalf of the borrower, Delaware-based CS Midtown Holdings, LP, which is a partnership between Cross Development and StoneCreek Real Estate Partners. The deal closed on June 30.
“The FHA 221(d)(4) mortgage insurance program from the Department of Housing and Urban Development allows for the construction loan to roll into a fixed rate, 40-year, fully amortizing, non-recourse loan upon completion,” said Nunan.
Located a half a mile off Highway 6 on Town Lake Drive in Southeast College Station, Midtown Station will feature 178 one-bedroom and one-bathroom units and 86 two-bedroom and two-bathroom units. The market rate community will feature high-end amenities, which will position it as a leading property in the market. In-unit amenities will include walk-in closets, full size washers and dryers, stainless steel appliances, vinyl plank wood style flooring in all living areas and designer lighting throughout. Community amenities will include an elevator, a two-story clubhouse, a swimming pool and deck, dog parks, a dog wash station, a mail kiosk, bike racks, kayak storage and a gate with a callbox.
Midtown Station is situated a mile from Baylor Scott & White Medical Center and is expected to serve the growing employment base within College Station. The construction is expected to be completed in the spring of 2023.