Ithaca, N.Y. — Collegetown Terrace Apartments is a half mile from campus.
Ithaca, N.Y. — Walker & Dunlop Inc. has provided $70 million in bridge financing for Collegetown Terrace Apartments, a newly constructed off-campus student housing property located a half mile from Cornell University in Ithaca. Walker & Dunlop funded the loan through a subsidiary in conjunction with an institutional investor. The student housing community is being built in four phases. Once complete, the property will offer 1,177 beds in more than 800 units. The community will contain approximately 9 percent of Cornell University’s off-campus student housing, according to Walker & Dunlop. Brendan Coleman of Walker & Dunlop led the team that structured the two-year interest-only bridge loan. Daniel Monte of Rose Hill Group originated the loan.
— John Nelson