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CBRE puts together $52M student housing loan in NJ

CBRE Capital Market’s Debt & Structured Finance team has arranged acquisition financing on behalf of Greystar/PIMCO for Rockoff Hall, a 674-bed, 186-unit student housing property in New Brunswick, NJ.

Located at 290 George Street in downtown New Brunswick, the 12-story building is within walking distance of Rutgers University.

CBRE’s Charlotte-based Steve Heffner, Nate Sittema, and Kristen Reilley secured a $52.05 million Fannie Mae loan for the buyer.

“The acquisition financing required a creative solution given a short-term occupancy issue, and our team was able to overcome the underwriting hurdles and maximize leverage in order to achieve the most effective debt structure for Greystar and PIMCO,” said Mr. Heffner, vice chairman, CBRE Capital Markets.

“The Rutgers New Brunswick campus has experienced 15 percent enrollment growth over the past five years and this property features ample state-of-the-art student housing amenities and offers Rutgers students a unique living experience with the freedom of an off-campus lifestyle.”

Built in 2005, Rockoff Hall includes 8,135 s/f of retail space on the ground floor and 185,114 s/f of residential space. Its 186 units average 995 s/f.

The property boasts amenities such as a state-of-the-art fitness center, clubroom with billiards and shuffle board, cyber café, on-site laundry facilities, student study lounges on every floor, 7-Eleven and Douglass Pizza and Grille on-site, and ample discounted parking in an attached garage.

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