Rockoff Hall at 290 George St. in New Brunswick — Courtesy: CBRE
By Joshua Burd
A joint venture has acquired a 186-unit student housing building in downtown New Brunswick, with CBRE arranging more than $52 million in acquisition funding.
Working on behalf of the buyers, Greystar and PIMCO, CBRE said it secured the loan for the building at 290 George St. The 674-bed property known as Rockoff Hall is within walking distance of Rutgers University.
Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s capital markets debt and structured finance team secured a $52.05 million Fannie Mae loan for the buyer, the firm said.
“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, vice chairman with 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, the 12-story Rockoff Hall includes 8,135 square feet of retail space on the ground floor and 185,114 square feet of residential space, CBRE said in a news release. The property has amenities such as a modern fitness center, clubroom with billiards and shuffle board, cyber café, on-site laundry facilities and student study lounges on every floor, along with discounted parking in an attached garage.