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December 15, 2018
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FINANCING NEWS
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Student Housing Project for University of Texas to Move Forward with $28 Mil in Construction Money

2/07/18

Austin-based Lincoln Ventures has obtained a $28.5 mil A&D and construction loan for The Ruckus 2.0, a 66-unit and 236-bed student housing project in the West Campus area of the University of Texas. The loan was arranged by El Segundo-based Highland Realty Capital (HRC), in partnership with WPC Realty.

The project is located at 2401 Rio Grande, three blocks from campus. The seven-story building will have modern amenities and finishes, and will feature underground gated parking, secure access, a rooftop terrace, a cyber cafe, sky gym, study lounges and Google Fiber.

This was the second student housing construction loan secured by HRC and WPC Realty on behalf of Lincoln Ventures in the past 18 months, having funded a 90% LTC loan on the 44-unit Ruckus at 25th and Nueces.

“Lincoln Ventures executed flawlessly on the first project, delivering the project in August, 15 months after closing the loan and ultimately selling the project to Harrison Street at the end of November. Eventhough the Ruckus 2.0 was twice as large, the lender was very comfortable to do another deal with Lincoln Venture and close earlier in the process with a land acquisition loan,” explains Mike Guterman from HRC, who along with John Ghiselli sourced the loan with Dallas-based ORIX RE Holdings, an affiliate of ORIX USA Corporation. “





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