A joint venture between Core Spaces and Harrison Street Asset Management has completed a refinancing of Oxenfree Princeton, a 408-unit build-to-rent community in Princeton, Texas. According to Multifamily News, the new loan replaces a previous $86 million construction facility that Western Alliance Bank originated in 2023, allowing the partners to retire that debt.
The latest financing was arranged by a Newmark team featuring Jonathan Firestone, Blake Thompson, Clint Frease, Travis Bailey and Josh Francis. The group secured the new loan on behalf of the Core Spaces and Harrison Street venture. The refinancing was provided by GID, which is serving as the lender on the new mortgage.
Oxenfree Princeton is positioned along the U.S. 380 corridor in North Dallas, placing the community within a growth corridor serving the broader North Dallas area. The property is designed as a purpose-built rental neighborhood, offering a combination of townhomes and detached single-family homes rather than traditional multifamily apartment formats.
Each residence at Oxenfree Princeton includes private outdoor space and an attached garage, reinforcing the single-family living experience within a rental framework. The community offers floorplans ranging from two-bedroom to four-bedroom layouts, with homes averaging 1,572 square feet, reflecting a focus on larger-unit configurations for residents seeking more space.
At the center of the community is The Fieldhouse, a hospitality-inspired amenity hub that serves as the focal point for resident activity. The Fieldhouse features a resort-style pool, a fitness center, a sports court and coworking spaces, combining leisure, wellness and work-focused amenities in a single location within the property.
The refinancing of Oxenfree Princeton underscores ongoing capital markets engagement with the build-to-rent segment in the North Dallas area. While specific loan terms for the new financing were not disclosed, the transaction evidences lender appetite for stabilized or maturing build-to-rent communities that combine single-family-style layouts with institutional-quality amenities. The involvement of Newmark on the advisory side and GID as the lender further highlights continued participation by institutional players in this rental housing niche.
