Less than two months after Nexus Properties and Rowan University opened the largest phase of the Rowan Boulevard development – delivering 557 student beds, 43,000 square feet of retail space, 37 luxury apartments and 30,000 square feet of classroom space – M&T Bank has announced it has secured two loans totaling $61.2 million to complete the next phase of Rowan Boulevard, known as A4.
The bank provided a $49.7 million construction loan and an $11.5 million bridge loan to Nexus Properties, who is set to deliver an additional 604 student beds, 20 luxury rentals and 18,000 square feet of retail space as part of the A4 development.
“Having grown up in Glassboro, the redevelopment of Rowan Boulevard has been a labor of love for me over the past few years,” Nexus Properties Chief Operating Officer Dante Germano said in a news release. “With M&T Bank’s support, we have been able to bring state-of-the-art residences, retail and office properties to create a new and exciting downtown setting for the South Jersey region.”
A4, which is set to open in summer 2018, will be the last phase of Rowan Boulevard and will consist of approximately 267,000 square feet across three buildings at 57 North Main St. and 114 Victoria.