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Debt & Equity

Greystar secures $52M financing to buy Rutgers student housing

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.

Heffner, vice chairman, CBRE Capital Markets, commented, “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 and 185,114 s/f of residential space with 186 units averaging 995 s/f. The seller was Pittsburgh-based student housing specialist McKinnery Properties, which formed a joint venture with private equity real estate firm Virtus Real Estate Capital to buy Rockoff Hall for $44.1 million in 2013, according to New Brunswick Today.

When it was first built, to property was hailed for introducing luxury student housing to the Rutgers campus.

FourPoint Investments and BlueGate Partners have arranged the sale to Greystone.

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