JHP Realty Advisors, Inc

Real Estate Weekly, Dec 15, 1999

JHP Realty Advisors, Inc., exclusive mortgage marketing advisor to The Prudential Insurance Company of America for its PruEXPRESS lending program in New York City and eastern New York State, announces the closing of a first mortgage loan in the amount of $11.75 million in Collegetown Center in Ithaca, NY.

Collegetown Center is a luxury mid-rise apartment building that caters primarily to Cornell University students. Constructed in 1997, Collegetown was developed and continues to be managed by Collegetown Center, LLC. This rental building features a full-time doorman/concierge, individually controlled HVAC, and each unit contains a communications center pre-wired with three phone lines, ethernet, TV cable, satellite dish TV and fiber optic lines. The building offers a mix of studio, one- and two-bedroom units. Collegetown Center is the premier apartment building in the Cornell University off-campus housing market and is located at the very center of the popular Collegetown district at the intersection of Colle ge Avenue and Dryden Road. The loan was written for a five-year term with a 25-year amortization schedule. This highly competitive rate was locked immediately following commitment. The transaction was underwritten and closed by Jeanne Cronin, Tom Halligan and Harry Woods of JHP Realty Advisors, Inc. The borrower's legal counsel was Joe Leuzzi of Breger, Gorin & Leuzzi.