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Greystar/PIMCO Secures Acquisition Financing for Rockoff Hall

CBRE Aggranges $52.1M Fannie Mae Loan
February 20, 2018
Greystar/PIMCO secured a $52.05 million loan to fund its January acquisition of the Rockoff Hall Apartments at 290 George St. in New Brunswick, NJ. The 186-unit, 674-bed student housing facility is located within walking distance of Rutgers University.

Steve Heffner, Nate Sittema and Kristen Reilley with CBRE Capital Market's debt and structured finance team arranged the Fannie Mae financing on behalf of the borrower.

"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 Heffner, a vice chairman with CBRE Capital Markets. "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 and offers Rutgers students a unique living experience with the freedom of an off-campus lifestyle."

The 12-story, 200,000-square-foot student housing complex was built in 2005 in Middlesex County. The property includes 8,135 square feet of retail space on the ground floor that is home to a 7-Eleven and Douglass Pizza & Grille. Rockoff Hall offers tenants numerous amenities including a fitness center, clubroom with billiards and shuffle board, cyber cafe, student study lounges on each floor and discounted parking in an attached garage.

The owners acquired the asset from Virtus Real Estate Capital LP and McKinney Properties, which in turn had acquired the property from DEVCO back in January 2013 for $57 million, according to CoStar data.
See CoStar COMPS #4116819 and #2680818.

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