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| Rendering of planned Campus Town student housing serving The College of New Jersey in Ewing Township, NJ |
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| Jon Mikula |
FLORHAM PARK, NJ – HFF announced today that it has arranged
$52.5 million in financing for Campus Town, a 446-bed, 130-unit student
housing development serving The College of New Jersey in Ewing Township, New
Jersey.
HFF worked on behalf of the borrower, The PRC Group, to
secure the 36-month, construction loan through a bank syndication led by
M&T Bank that also included The Provident Bank and Columbia Bank.
Campus Town will be situated on 12.5 acres at the main
entrance of The College of New Jersey between Pennington Road (State Route 31)
and Metzger Drive.
Due for completion in mid-2015, the development will consist
of seven buildings that will include more than 80,000 square feet of ground
floor retail and 503 parking spaces.
A full-service
college bookstore operated by Barnes & Noble and the college’s new fitness
and activity center will occupy approximately 26,500 square feet of the retail
space. Additionally, a bell tower
surrounded by an open plaza will serve as a focal point for both the project
and the campus.
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| Jim Cadranell |
The HFF team representing the borrower was led by senior
managing director Jon Mikula, managing director Jim Cadranell and
associate director Samuel Seiden.
“We are proud to be a part of such an important student
housing addition to one of New Jersey’s top universities,” said Mikula.
The PRC Group is a multifaceted regional real estate owner,
developer and services provider headquartered in West Long Branch, New Jersey
that has forged a five-decade long reputation as a clear-thinking, rational
voice in any market – up or down.
Since 1960, whether real estate market conditions were
defined by opportunities or obstacles, The PRC Group has defined market
leadership – and market-leading partnerships – that have helped redefine
residential and commercial real estate development.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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