JLL Capital Markets secured refinancing for The Timbers, a 155-unit, 253-bed student housing complex in San Marcos, Texas.
JLL worked on behalf of the borrower, Orion Real Estate Partners, to arrange the loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
The Timbers is situated at 900 Peques St., a prime location near Texas State University with convenient access for students. This property enjoys close proximity to “The Square” which is Downtown San Marcos’ vibrant hub. The area is characterized by locally-owned shops, restaurants and nightlife spots, catering to the student population.
San Marcos, situated between Austin and San Antonio, has experienced significant growth since 2010, with its population increasing by over a third. With a median age of 25, San Marcos is heavily influenced by Texas State University’s presence. Reflecting the student-centric demographics, 64% of residents in the immediate area opt to rent rather than own.
The Timbers offers one-, two- and three-bedroom apartments with modern amenities. Units feature stainless steel appliances, hardwood-style flooring, in-unit washer/dryer, spacious walk-in closets and private balconies. Select apartments offer wood-burning fireplaces and vaulted ceilings. Community facilities include a clubhouse with flatscreen TV and arcade, pet park, full-court basketball, 24-hour fitness center, BBQ station and a swimming pool overlooking downtown San Marcos.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Dan Kearns, Vice President Patricia Heminger, Associate Rebecca Brielmaier and Analyst Katia Novi.
