RISE, NJIT Close on $100 Million Construction Financing for 548-Bed Residence Hall

Newark, N.J. — A public-private partnership between RISE: A Real Estate Co. and the New Jersey Institute of Technology (NJIT) has closed on $100 million in construction financing for the development of a 548-bed residence hall on the university’s campus in Newark. The 250,000-square-foot community will offer a mix of private- and shared-bedroom units targeting upperclassmen and graduate students. The project’s development team includes Terminal Construction Corp., Niles Bolton Associates, Netta Architects, T&M Associates, Langan, RBC Capital Markets, Brailsford & Dunlavey and the Collegiate Housing Foundation. The community is scheduled for completion in fall 2022.