Rittenhouse Secures $33M Bridge Loan for Apartments near USF’s Tampa Campus
Rittenhouse Capital Advisors has secured a bridge loan for the acquisition of Campus Palms Apartments, a 232-unit, 570-bed student complex near the University of South Florida main campus. The acquisition bridge loan was sourced through a national debt fund that provided strong leverage and a 3-year loan term with a low floating rate.
Rittenhouse sourced the loan for College Town Communities, which specializes in the development and management of student apartment buildings. The developer’s portfolio houses approximately 4,000 students.
The project, constructed in 1971, comprises 23 apartment buildings with one-, two- and three-bedroom floor plans located less than a mile from campus. College Town Communities 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.
- ◦Sale/Acquisition