Campus Living Villages Completes $38-Million Refinancing of Illini Tower, a Landmark Student Housing Property at University of Illinois, Urbana-Champaign

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