College Town Communities has taken a $23.3 million loan for the second phase of College Station, a student housing community located near Penn State’s Abington, Pa. campus. Rittenhouse Capital Advisors secured the financing for the 264-bed expansion.
A regional bank provided the financing at a 75 percent loan-to-cost ratio. The three-year mortgage bears interest at 25 basis points above The Wall Street Journal prime rate.
College Town Communities currently manages the 200-bed first phase of College Station. That property opened its doors in 2013, according to public records.
The second phase, expected to be complete in June 2022, will encompass 132 apartments across four buildings at 230 Fairhill St. in Willow Grove, Pa., according to Yardi Matrix. The development will have fully furnished, two-bedroom units with a range of amenities including a clubhouse, a fitness center, business and media lounges, a café, a pool and off-street parking.
Penn State Abington, 3 miles south of the site, is one of the university system’s fastest-growing campuses. The community will also be near central Willow Grove, 2 miles from the Willow Grove Mall and the town’s train station on the Warminster Line.
At the beginning of last year, Rittenhouse Capital Advisors joined forces with Greystone to form Greystone Rittenhouse Realty Advisors. The firm includes seven sales and debt advisors geared towards the Mid-Atlantic and Northeastern regions.