CHAMPAIGN, Ill., Aug. 2, 2011 /PRNewswire/ -- Campus Living
Villages, a global leader in student housing, has completed a
scheduled refinancing of Illini Tower. Campus Living Villages
owns and operates the 16-story property, which is located at 409
East Chalmers Street adjacent to the University of Illinois at
Urbana–Champaign in Champaign, IL.
Grubb & Ellis Company (NYSE: GBE), a leading real estate
services and investment firm, represented Campus Living Villages in
completing the $38-million
transaction. Jim Adams, executive vice president and member
of Grubb & Ellis Company's Debt & Equity Finance group,
brokered the terms, which included a 10-year fixed rate loan.
With 43 years of history on the University
of Illinois campus, Illini Tower, a Private Certified
Housing Facility, has drawn generations of families for its prime
location and blend of residence hall community life with
suite-style floor plans, ranging from open studios to spacious
four-bedroom, two-bath units. Since acquiring the 725-bed
property in June 2008, Campus Living
Villages has introduced superior academic and social offerings
through its Live, Learn, Grow residential life programming model,
acclaimed dining at the 276-seat Piazza Fresca, plus a full-range
of preferred amenities. A $1-million renovation of public and exterior
spaces was completed in spring 2011.
About Campus Living Villages
Campus Living Villages (CLV) is the national leader in the
privatized management and development of on-campus student housing.
CLV's international team of housing and hospitality
professionals currently manage student housing facilities on or
near 50 university campuses totaling approximately 35,000 beds in
the US, Australia, England and New
Zealand. For more information, visit
www.campuslivingvillages.com.
SOURCE Campus Living Villages