Walker & Dunlop arranges $88M refinancing for TCNJ’s Campus Town

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Walker & Dunlop said it represented The PRC Group to secure $88.37 million to refinance Campus Town at TCNJ in Mercer County.

According to a Jan. 23 announcement from the real estate finance company, the deal closed that same day with brokers John Banas, Kristopher Wood, Christopher Philipps, Rhett Saltiel, Erik DiGirolamo and Sean Bailey of Walker & Dunlop securing the financing.

Campus Town is a 184-unit Class A student housing complex located just outside of the campus of The College of New Jersey at 400 Campus Court in Ewing. Comprised of 11 buildings, according to Walker & Dunlop, the student housing component occupies upper floors with ground-level retail offered across 27 commercial units.

A public-private effort, Red Bank-based PRC was tapped as developer for the $120 million Campus Town project by TCNJ, according to PRC’s website. Phase 1 of the project was completed in 2015, bringing seven buildings with furnished student apartments and approximately 80,000 square feet of retail and restaurant space to the college and community. Phase 2 added living space for an additional 166 students across 54 apartments.

Commercial tenants at the property include: Jersey Mike’s, Panera Bread, Frutta Bowls, Spencer Savings Bank, Verizon Wireless and an urgent care center, among others.

“Walker & Dunlop is proud to have played a role in this refinancing; due to our extensive network of capital providers and strong relationship with the lender, the team was able to lock in a great fixed rate a month prior to loan funding,” said Banas, managing director of capital markets at W&D.

Based in Maryland, Walker & Dunlop has offices nationwide, including in Englewood Cliffs.