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Program 09
CRE Permanent in San Marcos
Permanent commercial financing for stabilized San Marcos real estate.
For a stabilized commercial or multifamily asset ready for long-term debt, we shop your file across agency multifamily programs, insurance companies, and wholesale lenders, then place the structure that fits your hold. Texas State University describes a nearly $1 billion building cycle in San Marcos, including a 128-acre land purchase that expands the campus by 25 percent, an institutional demand driver a permanent lender can weigh on a long hold. When a San Marcos-area asset still needs to stabilize before it qualifies, we can bridge it first and refinance into permanent debt once it does. Business-purpose only, and every structure is placed subject to underwriting.
Agency
Fannie/Freddie
Long-term
fixed
Multifamily
& commercial
Wholesale
channels
Typical figures, subject to underwriting and market conditions. Not a commitment to lend.
How it works
For a stabilized asset ready for permanent debt, we shop your file across agency multifamily programs, insurance companies, and wholesale lenders, then place the structure that fits your hold. When a deal needs to stabilize first, we can bridge it and refinance into permanent debt later.
Who it's for
Stabilized multifamily 5+
Commercial and mixed-use
Agency permanent debt
Refi out of a bridge
Typical terms
PropertyStabilized commercial
ProgramsAgency, insurance, wholesale
TermLong-term permanent
RateMarket permanent rates
UseAcquisition or refinance
Best forLong-term holds
*Typical terms, subject to underwriting and market conditions.
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Local FAQ
CRE Permanent in San Marcos, answered.
What is driving demand for stabilized commercial and multifamily assets near Texas State University right now?
A nearly $1 billion construction cycle at Texas State University, not a single project. The 2026 State of TXST address describes 30 new buildings planned or underway in San Marcos, including a hotel groundbreaking, Hilltop II, a STEM building, and Esperanza Hall, plus a 128-acre Sink Creek watershed purchase that expands the San Marcos campus by 25 percent and a move into the Pac-12 Conference beginning July 2026. That is the institutional demand base for medical office, retail, and housing adjacent to campus. It is the university's own account of its building program, not an independently audited construction figure, so treat it as context rather than as an underwriting input.
Does San Marcos limit how long a commercial owner can hold before selling to the university?
Not as a blanket rule, but the city has attached that condition to at least one recent approval. When City Council approved the Emerge Here Phase 2 student housing project in June 2026, the conditional use permit included a covenant barring the owner from selling the property to a non-tax-paying entity, including the university itself, for 12 years. That is a live example of how San Marcos protects its tax roll as the campus expands, and it is worth asking about on any entitled site near campus before permanent debt is sized against a long-term hold.
If a San Marcos-area asset is still leasing up, can it get to permanent debt eventually?
Yes: bridge it first, then refinance into permanent debt once it stabilizes. That sequencing matters here because San Marcos permitted zero units in structures of five or more apartments in 2025, with all 12 months reported, in the same year Texas State posted its largest enrollment on record. A property still filling up near that demand base needs financing that does not force a permanent-debt decision before the leases catch up. See our CRE bridge loan program for the interim structure.
Is there a sourced cap rate or vacancy figure for San Marcos commercial real estate?
No, and we will not invent one. No local cap rate, vacancy, or CRE rent figure for San Marcos was located in a primary source, so we keep the underwriting conversation structural: the university's construction cycle, the tax-roll dynamics around campus-adjacent parcels, and your own trailing financials on the specific asset. Ask your loan advisor what comparable data we can pull for your property type before we size the structure.
How does San Marcos differ from the wider Hays County growth corridor for a permanent commercial loan?
San Marcos runs on the university, not the county's growth corridor. Hays County overall grew 26.3 percent from 2020 to 2025, with Kyle alone up 53.0 percent, while San Marcos itself grew a slower 14.9 percent, hemmed in by the river, the aquifer zone, and the university's own land. A stabilized asset here is underwriting proximity to the campus, not the same rooftop growth story that drives a Kyle or Buda commercial deal. Size that proximity carefully: Texas State's 44,596 fall 2025 enrollment counts every campus and its online programs, the university itself says San Marcos campus growth has run at a more deliberate pace than Round Rock or online, and no San Marcos campus headcount has been published.
FAQ
CRE Permanent questions, answered.
What is permanent commercial financing?
Permanent (or perm) financing is long-term debt on a stabilized commercial property, the loan you move into once a building is leased up and performing. It replaces short-term bridge or construction debt with a longer fixed term and a lower rate.
What channels do you place loans through?
We place permanent debt through agency multifamily programs (Fannie Mae and Freddie Mac), insurance companies, and other wholesale lenders. Because we shop multiple sources, we can match your asset to the program with the best long-term terms.
What properties qualify?
Stabilized multifamily of five units and up, plus mixed-use and other commercial assets with a solid operating history. Agency multifamily in particular looks for occupancy and cash flow that support long-term debt.
How is this different from your CRE bridge program?
The bridge program is short-term capital to acquire or reposition a property; permanent financing is the long-term exit once it is stabilized. Many investors use both in sequence, bridging to stabilize and then refinancing into permanent debt. We can line up both.
What rates and terms can I expect?
Permanent commercial rates run well below bridge pricing and move with the agency and wholesale market, on long fixed terms. The exact rate depends on the asset, the program, and current conditions, and we will walk you through the options.
How long does a permanent placement take?
Plan on several weeks, since agency and wholesale permanent loans require full underwriting, third-party reports, and lender approval. We manage the placement and keep one point of contact on your file from quote to close.
Resources
Guides for CRE Permanent
Bridge · 4 min read
What Is a Bridge Loan in Real Estate?
Read the guide SBA · 5 min read
SBA 7(a) vs 504: Which Is Right for Owner-Occupied Real Estate?
Read the guide Bridge · 4 min read
Commercial Bridge vs Permanent Financing
Read the guide Bridge · 5 min read
Bridge Loan Exit Strategies: How to Pay Off Short-Term Debt
Read the guide More in San Marcos
Other programs in San Marcos
Fix and FlipUp to 90% / 100% rehabRental / DSCR30-yr fixed, DSCR from 0.75Ground-Up ConstructionUp to 70% LTV, most statesCRE BridgeUp to $10M, 24-36 moTransactional FundingSame-day double-close capitalBank Statement / No-DocNo tax returns requiredConventional InvestmentNon-owner-occupied investmentPortfolio LoansMultiple properties, one loanSBA Financing7(a) & 504 placement
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