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$20M Financing Buoys 244-Unit Acquisition

ATHENS, GA-With a $20.2-million loan, Campus Acquisitions purchases the River Mill Apartments with plans to invest $3.3 million in capital improvements.

By Natalie Keith | Updated on October 24, 2007

(Read more on the debt and equity markets and the multifamily market .)

ATHENS, GA-Champaign, IL-based Campus Acquisitions LLC has acquired the 244-unit, 462-bedroom River Mill Apartments with $20.2 million in financing. The fixed-rate loan was provided by GE Real Estate.

GE Real Estate director Greg Pettigrew tells GlobeSt.com that the loan was provided at an 80% loan-to-value ratio. About $2 million of the loan will be used for capital improvements. “This loan came in right before the credit crunch, but we were able to close it and fund it without any significant changes to the terms,” Pettigrew says.

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