College of New Jersey developer wins $52.5M loan

The 130-unit development will also offer up to 80,000 square feet of retail space
April 19, 2014 01:00PM

 The PRC Group obtained a $52.5 million construction loan for its $80 million student housing project at The College of New Jersey.

HFF secured the three-year loan for the New Jersey-based developer. The trio of lenders was led by M&T Bank, and funds from The Provident Bank and Columbia Bank were bundled into the deal.

The 130-unit development along Pennington Road in Ewing Township, New Jersey, promises between 75,000 and 80,000 square feet of retail real estate. Already, bookselling chain Barnes & Noble, a frozen yogurt shop and a Mexican restaurant have signed on.

The development should be completed by fall 2015.

The deal needed the okay from the college, the New Jersey Department of Transportation, the state’s Economic Development Authority and the federal Environmental Protection Agency.

HFF’s senior managing director Jon Mikula, managing director Jim Cadranell and associate director Samuel Seiden worked on the deal. [NYO] —TRD