CBRE has arranged acquisition financing on behalf of Greystar/PIMCO for Rockoff Hall, a 674-bed, 184-unit student housing property near Rutgers University in New Brunswick.
The 12-story property, located at 290 George St., is within walking distance of the campus. It has 8,135 square feet of ground floor retail space and 185,114 square feet of residential space.
CBRE’s Debt & Structure Finance team, comprised of Charlotte, North Carolina-based Steve Heffner, Nate Sittema and Kristen Reilley, secured a $52.05 million Fannie May loan for the buyer.
“The acquisition financing required a creative solution, given a short-term occupancy issue, and our team was able to overcome the underwriting hurdles and maximize leverage in order to achieve the most effective debt structure for Greystar and PIMCO,” said Heffner, vice chairman, CBRE Capital Markets. “The Rutgers New Brunswick campus has experienced 15 percent enrollment growth over the past five years and this property features ample state-of-the-art student housing amenities and offers Rutgers students a unique living experience with the freedom of an off-campus lifestyle.”