Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a $15.2 million loan with Campus Realty Advisors and T2 Capital. The transaction funds the acquisition, renovation and repositioning of The Junction San Marcos, a 152-unit, 488-bed student housing community in San Marcos, Texas, near Texas State University.
This loan marks the first commitment between Byline and Campus Realty Advisors, while T2 Capital is a long-time client of BCREG. The loan will assist in the acquisition and revitalization of the property, located at 109 West Avenue. Campus Realty Advisors and T2 Capital plan to renovate all units and common areas, including a state-of-the-art fitness center, an upgraded resort-style pool, new flooring, appliances and lighting in every unit, a revamped clubhouse for social gatherings, dedicated study areas and a new leasing center. In addition to the pool, the building’s outdoor space will be outfitted with grilling stations and fire tables.
The project is timely considering the growing student enrollment at Texas State University, which is currently working on a $500 million plan to expand and enhance the campus, classrooms and overall learning experience for students. Texas State has experienced record freshman enrollment for several consecutive years, with overall enrollment up by nearly 9% over the last decade. Centrally located in the university’s eastern student housing submarket, The Junction San Marcos is about a 10-minute walk or short bus ride from campus.
“We are excited to be working with Campus Realty Advisors and T2 Capital on such a well-positioned project that will provide Texas State students with a safe, comfortable and amenity-packed place to call home during their studies,” said Matt Robertson, Senior Vice President in Byline’s Commercial Real Estate Group. “The upgraded property will be a welcome addition to the San Marcos rental market, which has seen strong growth and nearly full occupancy for several years in a row. Adding Campus Realty Advisors as a new client during this difficult capital environment while continuing to support our long-time client T2 is crucial as BCREG continues to grow our national footprint and relationship-focused lending.”
The deal had a quick closing timeframe of 35 days to accommodate the acquisition of the property. Closing quickly enabled improvements to begin right away and pre-leasing to be completed ahead of the upcoming school year. Campus Realty Advisors and T2 Capital were represented in this transaction by the law firm Smith Gambrell Russell, while Byline Bank was represented by Holland & Knight.
About Byline Commercial Real Estate Group
Byline’s Commercial Real Estate Group (BCREG), headquartered in Chicago, provides first mortgage construction, bridge and permanent loans secured by properties in the Chicagoland area as well as nationwide for Tier One customers. Since 2014, BCREG has closed $2.4 billion of loans for its target market, focusing on multifamily (including student housing and active adult), industrial, self-storage and retail properties. For more information, visit www.bylinebank.com/commercial-real-estate.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. (NYSE: BY) is the parent company of Byline Bank, a full-service commercial bank serving small- and medium-sized businesses, financial sponsors and consumers. Byline Bank has approximately $9.4 billion in assets and operates 46 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services, including small-ticket equipment leasing solutions, and is one of the top Small Business Administration lenders in the United States according to the national SBA ranking by the U.S. Small Business Administration by volume FY2023. Byline Bank is a member of FDIC and an Equal Housing Lender. For more information, visit www.bylinebank.com.
