2D — November 19 - December 23, 2021 — Financial Digest — Lenders Directory — M id A tlantic Real Estate Journal
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A national debt fund provided strong leverage and a 3-year loan term with a low floating rate RCA secures $32.55M acquisition bridge loan for Campus Palms Apartments at U. Of SouthFlorida
HILADELPHIA, PA — Rittenhouse Capital Advisors (RCA) has sourced a bridge loan for the acquisition of the 232-unit, 570-bed student apartment complex located at the Univer- sity of South Florida in Tampa, FL. RCA sourced the loan for their client, College Town Communities, who specializes in the development and man- agement of student apartment buildings. Founded in 2002, the developer’s portfolio houses approximately 4,000 students. College Town Communities has locations at Penn State P
The project comprises 23 apartment buildings and was constructed in 1971. College Town plans on upgrading the overall project with unit and common area improvements and intensive management. Property amenities include pools, sundecks, fitness center and a clubhouse. The property also offers parking and direct access to each unit. The proj- ect offers a mix of 1, 2 and 3 bedroom floor plans. Campus Palms is conveniently located to main campus, which is less than 1 mile away. Rittenhouse Capital sourced the acquisition bridge loan through a national debt fund that provided strong leverage and a 3-year loan term with a low floating rate. George Johnson , presi- dent & CEO of Rittenhouse Capital Advisors stated: “We are thrilled to be able to work on such a fine project and deliver a financing solution that will optimize our clients business plan.” Rittenhouse Capital Advi- sors’ expertise and sole focus is on placing debt and eq- uity for their client base. This includes: financing for the acquisition or refinance of an existing building, acquisition- renovation financing for value- add projects, and construction loans for new developments. Rittenhouse Capital’s team leverages their extensive Lender relationships, devel- oped over almost 40 years in the banking industry, most in the seat of a direct lender. As such we can “speak Banker to Banker” and get deals done for our clients. MAREJ
Campus Palms Apartments
University, Lehigh University, University of Delaware, Uni- versity of Alabama, Shippens-
burg State, Kutztown State and Binghamton University in New York.
George Johnson
REAL ESTATE CAPITAL With terms that work for you.
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S ection P ublishers Linda Christman lchristman@marejournal.com Lea Christman lea@marejournal.com S ection E ditor Karen Vachon editor@marejournal.com
Learn more at www.rittenhousecapital.com
GEORGE JOHNSON O: 215.989.4443 C: 267.218.4411
JOSEPH HANUSCIN O: 215.971.2004 C: 267.908.1564
WILLIAM PATTON O: 267.323.4082 C: 610.955.2028
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