Core Spaces and its partner, Harrison Street, have nailed down a long-term refinancing for Oxenfree Princeton, the 408-home build-to-rent community on the edge of North Dallas. The new loan replaces earlier construction financing and gives the project, which delivered late last year, a more permanent capital structure while leasing continues. It is another sign that institutional investors are still willing to pour money into purpose-built rental homes along the U.S. 380 corridor.
According to Multi‑Housing News, GID provided the debt in a deal arranged by Newmark, and the proceeds were used to retire an $86 million construction loan Western Alliance Bank issued in 2023. Yardi Matrix data cited in that coverage shows the earlier construction financing, and the article notes the property came online late last year. With the refinancing, the short-term construction layer is gone, and the asset is on a glide path toward a stabilized capital stack.
In a press release from Newmark, Co‑President Jonathan Firestone and his debt team said they secured the financing on behalf of the Core‑Harrison Street joint venture. “Oxenfree Princeton represents a compelling combination of institutional‑quality construction, strong sponsorship and exceptional location within a high‑growth submarket,” Firestone said. Newmark also identified GID as the lender and listed the dealmakers who put the transaction together.
Where Oxenfree Princeton Sits And What It Offers
Oxenfree Princeton is located at 1525 FM 982 in Princeton, spread across more than 50 acres just south of U.S. Route 380. The community blends townhomes with detached single‑family houses, offering two‑ to four‑bedroom floorplans that average roughly 1,572 square feet. At the center of it all is a 10,000‑square‑foot amenity hub known as The Fieldhouse. Those details appear on the community’s leasing site and in local permitting records, as shown by the Oxenfree at Princeton website and the City of Princeton permit filings.
Where The Deal Fits In Core Spaces’ Strategy
Core Spaces launched the Oxenfree build‑to‑rent brand in 2020, then two years later teamed up with Harrison Street in a joint venture that was described as a $1.5 billion vehicle for BTR development and acquisition. That JV announcement appears in a 2022 BusinessWire release. Newmark’s materials add that Core’s BTR division has grown into a sizable pipeline, with roughly 3,000 homes under development or leasing as of December 2025…