M id A tlantic Real Estate Journal — Creative Financing — June 18 - July 22, 2021 — 7A
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C reative F inancing
2ndphase of a student apt. complex located just off of thePennState-Abington satellite campus Rittenhouse Capital Advisors secures $23.25 Million construction loan
P HILADELPHIA, PA — Rittenhouse Capi- tal Advisors sourced a construction loan for the
product which will no doubt be highly successful given the quality of the product that College Town delivers combined with the expected growing demand for a Penn State education.” Rittenhouse Capital Advi - sors is a debt and equity firm based in Philadelphia, PA. Our Underwriting & Lending Expertise covers the full range of commercial real estate as - sets, including but not limited to: multifamily, student hous - ing, industrial, retail, and healthcare throughout the United States. MAREJ
Grove Mall and the Septa Train Station, make this an extremely attractive location for a student housing facility. George Johnson, President & CEO of Rittenhouse Capi - tal Advisors stated, “We are very happy to be able to work on such a fine project and deliver a financial package to our clients that will help them optimize their business plan for the asset.” “We are thrilled to be able to deliver the most competi - tive financing package for our client on this project. We’re excited to see the finished
2nd phas e of a student apa r tmen t complex lo - c a t ed j us t of f campus of the Penn State-Abing - ton satellite campus . A
George Johnson
regional bank provided 75% Loan-to-cost on a 3-year loan termwith interest rate pricing at WSJ Prime + 0.25%. RCA’s sourced the loan for their client College Town Com - munities. College Town Com - munities specializes in the development andmanagement of student apartment build - ings. Founded in 2002, the developer’s portfolio houses approximately 3,500 students. College Town Communities has locations at Penn State University, Lehigh Univer - sity, University of Delaware, University of Alabama, Ship - pensburg State, Kutztown State and Binghamton Uni - versity in New York. College Town Communities currently owns and operates College Station in Willow Grove, which houses 200 Penn State Abington Students. Penn State Abington, with roughly 4,000 students, is one of the fastest growing campuses in the Penn State system. The project build-out is projected to take 18-months which would result in comple - tion by June of 2022 and in time for delivery and lease-up for the fall semester of 2022. The project will comprise 4 c lusters cons i st ing o f 132-apartment units and of - fering a mix of 2BR, 2BA and 2BR 2.5BA layouts comprising a total of 264 beds. The apartment units will be fully furnished, including 55” wall mounted flat screen TVs. Rent will include all utili - ties, high speed internet and off street parking for every resident. Additional demand drivers will include a wide variety of amenities including a clubhouse with amenities and a fitness center, business center, café, media lounge, se - cure mail and package storage and a pool. In addition, the project’s proximity to the center of Willow Grove, the Willow
2nd phase of a student apartment complex located just off campus of the Penn State-Abington satellite campus
$26,500,000 LOAN
$23,250,000 LOAN
$33,600,000 LOAN
Our Underwriting and Lending Expertise Covers the Full Range of Commercial Real Estate Asset Types. Contact One of Our Advisors to See How We Can Assist You with Your Next Acquisition, Refinance or Ground-Up Development.
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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