HFF announced Monday that it has arranged $52.5 million of financing for Campus Town, a 446-bed, 130-unit student housing development at The College of New Jersey.
According to the announcement, HFF worked on behalf of the borrower, The PRC Group, to secure the 36-month construction loan through M&T Bank, The Provident Bank and Columbia Bank.
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 space, the announcement said.
The HFF team of Jon Mikula, senior managing director, Jim Cadranell, managing director, and Samuel Seiden, associate director, represented the borrower.
“We are proud to be a part of such an important student housing addition to one of New Jersey’s top universities,” said Mikula.