Nimes Capital Buys The Ballpark
The Ballpark, a student housing apartment complex in Austin’s East Riverside, was acquired by Nimes Capital. Walker & Dunlop managing director of multifamily finance Will Baker (here with his wife Susannah and six-month-old daughter Annie on a trip to Turks and Caicos last week) arranged the acquisition loan and tells us it was a unique and challenging deal—Nimes purchased the asset out of foreclosure in a stalking horse auction. It was awarded the deal after a full sales and marketing process by FourPoint Investments, but it could’ve been outbid on the courthouse steps.
Because of that uncertainty, Nimes couldn't secure permanent financing at the time of the auction. Walker & Dunlop provided a short-term bridge loan using its balance sheet so Nimes could secure the deal, and simultaneously worked on a perm loan from Freddie Mac. Once the interim loan was closed, Nimes was able to lock in that $23M, non-recourse 10-year loan. The Ballpark was built in 2000 and has 768 beds. Will says Austin should be a pretty strong student housing market this year. There’s been some new development (like Lennar and Blue Vista’s project on UT West Campus), and enrollment growth isn’t as hot as San Marcos, Texas Tech and A&M, but there’s no significant softness.