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.
“As a graduate of Rowan University, it means so much to be part of this remarkable redevelopment of Glassboro that has brought new life to the community,” Shawn Field, vice president and relationship manager at M&T Bank, said. “Our team at the bank continues to be dedicated to bettering the very communities that we serve, work and live in, and we look forward to seeing Glassboro continue to grow and thrive.”
M&T Bank has provided financing to Nexus Properties for several phases of the Rowan Boulevard development. The bank was part of the Rowan Enterprise Center, 220 Rowan Blvd. and the A3 phase of the development.
Nexus Properties estimates Rowan Boulevard to be a $350 million project. The developer completed the first phase of the 26-acre project in 2010 when it delivered 884 student beds and 36,000 square feet of retail space for Barnes and Noble College Bookstore.
In 2012, Nexus and Rowan opened the second phase of Rowan Boulevard which included a mixed-use building known as the Whitney center, 280 student beds and 20,000 square feet of retail space. A 129-room Marriott hotel, 1,200-car parking garage, 52,000-square-foot classroom building and 9,600 square feet of retail were completed by Nexus Properties in 2013.
At 220 Rowan Blvd., Nexus delivered 57 apartments, 456 student beds, 28,000 square feet of medical space and 20,000 square feet of retail space in 2015.