College of New Jersey

$52.5 Million in Financing Arranged for Student Housing Development at TCNJ

HFF 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.

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.

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 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.

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc.  HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.

Related Articles: