Rittenhouse Capital Advisors secures $23,250,000 construction loan for the 2nd phase of a student apartment complex located at Penn State-Abington
PHILADELPHIA, May 13, 2021 — Rittenhouse Capital Advisors announced today that it sourced a construction loan for the 2nd phase of a student apartment complex located just off campus of the Penn State-Abington satellite campus. A regional Bank provided 75% Loan-to-cost on a 3-year loan term with interest rate pricing at WSJ Prime + 0.25%.
RCA’s sourced the loan for their client College Town Communities. College Town Communities specializes in the development and management of student apartment buildings. Founded in 2002, the developer’s portfolio houses approximately 3,500 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.
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 completion by June of 2022 and in time for delivery and lease-up for the fall semester of 2022.
The project will comprise 4 clusters consisting of 132-apartment units and offering 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 utilities, 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, secure mail and package storage and a pool.
In addition, the project’s proximity to the center of Willow Grove, the Willow Grove Mall and the Septa Train Station, make this an extremely attractive location for a student housing facility.
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.”
“We are thrilled to be able to deliver the most competitive financing package for our client on this project. We’re excited to see the finished 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 Advisors is a debt and equity firm based in Philadelphia, PA. Our Underwriting & Lending Expertise covers the full range of commercial real estate assets, including but not limited to: multifamily, student housing, industrial, retail, and healthcare throughout the United States.