EWING TOWNSHIP, NJ—The PRC Group has secured $52.5-million in construction financing for its Campus Town student housing project here that will serve The College of New Jersey.
The 36-month construction loan was arranged by HFF for PRC Group through a bank syndication led by M&T Bank that also included The Provident Bank and Columbia Bank.
The Campus Town project, being developed by West Long Branch, NJ-based PRC Group, will be a 446-bed, 130-unit student housing development on 12.5 acres parcel at the main entrance of The College of New Jersey between Pennington Road (State Route 31) and Metzger Drive. Due for completion in mid-2015, the development will consist of seven buildings that will include more than 80,000 square feet of ground floor retail and 503 parking spaces. A full-service college bookstore operated by Barnes & Noble and the college’s new fitness and activity center will occupy approximately 26,500 square feet of the retail space.
Additionally, a bell tower surrounded by an open plaza will serve as a focal point for both the project and the campus. The HFF team that represented the PRC Group was led by Senior Managing Director Jon Mikula, Managing Director Jim Cadranell and Associate Director Samuel Seiden.