Home / Top News / Rittenhouse Capital Advisors secures $23,250,000 construction loan for the 2nd phase of a student apartment complex located at Penn State-Abington
Rittenhouse Capital Advisors secures $23,250,000 construction loan for the 2nd phase of a student apartment complex located at Penn State-Abington
PHILADELPHIA, May 13, 2021 (GLOBE NEWSWIRE) Rittenhouse Capital Advisors announced today that it sourced a construction loan for the 2
nd phase of a student apartment complex located just off campus of the Penn State-Abington satellite campus. A regional Bank provided 75% Loan-to-cost on a 3-year loan term with interest rate pricing at WSJ Prime + 0.25%.
RCA’s sourced the loan for their client College Town Communities. College Town Communities specializes in the development and management of student apartment buildings. Founded in 2002, the developer’s portfolio houses approximately 3,500 students.