NEW BRUNSWICK, NJ—The sale of Rockoff Hall, a 674-bed, 186-unit student housing property in New Brunswick, NJ, will move forward with a $52.05 million Fannie Mae loan for acquisition financing that CBRE arranged for Greystar/PIMCO.
Located at 290 George Street in downtown New Brunswick, the 12-story building is within walking distance of Rutgers University.
CBRE's Charlotte-based Steve Heffner, Nate Sittema, and Kristen Reilley secured the loan for the buyer.
“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,” says Heffner, vice chairman, CBRE Capital Markets. “The Rutgers New Brunswick campus has experienced 15 percent 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.”
Built in 2005, Rockoff Hall includes 8,135 square feet of retail space on the ground floor and 185,114 square feet of residential space. Its 186 units average 995 square feet. The property includes a state-of-the-art fitness center, clubroom with billiards and shuffle board, cyber café, on-site laundry facilities, student study lounges on every floor, 7-Eleven and Douglass Pizza and Grille on-site, and discounted parking in an attached garage.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
