RCA Secures $32,550,000 Acquisition Bridge Loan for Campus Palms Apartments at University of South Florida
Rittenhouse Capital Advisors announced today that it sourced a bridge loan for the acquisition of the 232-unit, 570-bed student apartment complex located at the University of South Florida, located in Tampa, Florida. RCA sourced the loan for their client, College Town Communities, who specializes in the development and management of student apartment buildings. Founded in 2002, the developer’s portfolio houses approximately 4,000 students. College Town Communities has locations at Penn State University, Lehigh University, University of Delaware, University of Alabama, Shippensburg State, Kutztown State and Binghamton University in New York.
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 project 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, President & CEO of Rittenhouse Capital 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.”