Investors Bank Finances McKinney Properties’ Purchase of High-Rise Student Housing in New Brunswick
Short Hills, New Jersey (March 15, 2013) – Investors Bank’sCommercial Real Estate Finance Group recently provided $44.1 million in commercial mortgage financing to McKinney Properties, which used the funds to acquire a 674-bed, high-rise student housing complex in New Brunswick, N. J.
The 12-story structure, known as Rockoff Hall, serves Rutgers University, the State University of New Jersey, and the building is within walking distance of the College Avenue and Cook Douglas campuses. New Brunswick Development, a non-profit real estate development company that revitalized the city’s downtown, built the structure in 2005 and sold the property to McKinney Properties and Virtus Real Estate Capital. This is McKinney’s first institutional joint venture relationship, and Investors Bank provided a fixed-rate, five-year mortgage.
In announcing the completed transaction, Investors’ Chief Lending Officer Rich Spengler said, “We have the capital resources to finance a loan of this size and the capabilities to complete the financing in a timely manner. McKinney Properties appreciated our willingness to close the transaction within a very tight timeframe.”
Rockoff Hall contains 2-and 3-bedroom units, and the building is named in honor of Alvin J. Rockoff, who is a 1949 graduate of Rutgers College and a longtime advocate for the revitalization of the City of New Brunswick.
About McKinney Properties
Founded in 1946, McKinney Properties is a privately owned real estate investment company that has quietly gone about the business of creating value, building wealth and preserving capital for its investors and partners through the ownership and management of quality real estate assets. Headquartered in Pittsburgh, McKinney owns and operates more than 10,000 multi-family and student housing units and over one million square feet of commercial and retail space.
About Investors Bank
Investors Bank, headquartered in Short Hills, N.J., is a full-service community bank that has been serving customers since 1926. With $12.72 billion in assets and a network of 100 retail branches, Investors delivers personalized services and products tailored to the needs of its customers.
Serving the business community, Investors provides deposit accounts, cash management services, business loans and lines of credit, and commercial real estate financing solutions to small and middle market companies, professional services firms, municipalities and other businesses. The Bank is a member of the FDIC and an Equal Housing Lender.
For more information, contact Investors at 1.855.422.6548, or visit www.myinvestorsbank.com and follow the Bank on Facebook.