February 8, 2016 [Philadelphia, PA] – Colliers International Capital Markets (CICM), a leading provider of commercial real estate finance and capital markets expertise, has arranged $28,078,000 of debt for the refinance of Campus Heights Student Housing, serving the Penn State Harrisburg campus. Campus Heights consists of 111 units for a total of 444 beds. Kristopher Wood and John Banas, both Senior Vice Presidents/Directors in CICM’s Philadelphia office, arranged the loan.
“The borrower wanted to take advantage of the low interest rate environment and lock in long term, fixed rate financing,” says Banas. “This was the second time we refinanced the property for the sponsors, having arranged the original financing for Phase I. This new financing included the refinance of both Phases I & II.”
“This is a great example of our long term commitment to our clients,” adds Wood. “The 12-year (7-year fixed with a 5-year reset) fixed rate loan amortizes over 30 years at 4% with maximum loan-to-value.”