Colliers Arranges $28M Refi for Campus Housing at Penn State
- Feb 11, 2016
Located at 277 W. Main St., Campus Heights Student Housing features 111 units with a total of 444 beds. Amenities for residents include a two-story, 4,000-square-foot student lounge, Wi-Fi, security/concierge staff, as well as free breakfast, laundry and private parking on site. Monthly rents start at $615, with 10- and 12-month lease plans.
The 12-year (7-year fixed with a 5-year reset) fixed-rate refinance loan amortizes over 30 years at 4 percent, with maximum loan-to-value. Kristopher Wood and John Banas, both senior vice presidents & directors in CICM’s Philadelphia office, arranged the loan.
“The borrower wanted to take advantage of the low interest rate environment and lock in long-term, fixed-rate financing,” said Banas in a prepared statement. “This was the second time we refinanced the property for the sponsors, having arranged the original financing for Phase I. This new financing included the refinance of both Phases I & II.”
Images courtesy of Campus Heights Student Housing