$52M Loan for Student Housing with “Short-Term” Issues

Greystar/PIMCO borrowed $52.05 million to acquire Rockoff Hall, a 674-bed, 186-unit student housing property at 290 George St. in downtown New Brunswick, NJ. The 12-story building is within walking distance of Rutgers University.

“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 Steve Heffner for CBRE Capital Markets, who with Nate Sittema, and Kristen Reilley secured the Fannie Mae loan for the borrower.

The outlook for the property is strong, according to CBRE, once the new owners resolve that “short-term occupancy issue.”

“The Rutgers New Brunswick campus has experienced 15% enrollment growth over the past five years, and this property features ample state-of-the-art student housing amenities,” said Heffner.

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