CHAMPAIGN, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Jim Adams, executive vice president and member of Grubb & Ellis’ Debt & Equity Finance group, represented Campus Living Villages in refinancing a $38 million loan on Illini Tower (top left photo).
Campus Living Villages, a global leader in student housing, operates the 16-story property, which is located at 409 E. Chalmers St., adjacent to the University of Illinois Urbana–Champaign. The loan on Illini Tower is through a CMBS lender. Terms of the refinance included a 10-year fixed rate loan with a 70 percent loan to value ratio.
With 43 years of history on the University of Illinois campus, Illini Tower, a Private Certified Housing Facility, has drawn generations of families for its prime location and blend of residence hall community life with suite-style floor plans, ranging from open studios to four-bedroom, two-bath units.
Since acquiring the 725-bed property in June 2008, Campus Living Villages has introduced superior academic and social offerings through its Live, Learn, Grow residential life programming model, acclaimed dining at the 276-seat Piazza Fresca, plus a full-range of preferred amenities.
A $1 million renovation of public and exterior spaces was completed in spring 2011.
Contact: Julia McCartney, Phone: 714.975.2230
Email: julia.mccartney@grubb-ellis.com
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