This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Grove At Cira Centre South (Photo: Business Wire)

Brandywine Realty Trust (NYSE: BDN), Campus Crest Communities, Inc. (NYSE: CCG), and Harrison Street Real Estate Capital (“HSRE”) today announced a joint venture partnership to develop a 33-story, 850-bed student housing tower at Brandywine’s Cira South development in University City, Philadelphia. The project, called The Grove at Cira Centre South, is being developed at 30 th and Chestnut Streets on a site leased from the University of Pennsylvania (Penn).

The Grove at Cira Centre South (Photo: Business Wire)

The Grove at Cira Centre South (Photo: Business Wire)

The Grove at Cira Centre South has a total cost of $158.5 million and will be financed by a $97.8 million loan provided by PNC Bank, N.A., as Administrative Agent, and Capital One, N.A., as Syndication Agent. Brandywine and Campus Crest will each own 30.0% of the joint venture, while HSRE will own 40.0%. The joint venture expects to attract graduate and undergraduate student residents from the surrounding area, including students from Penn (total enrollment of ~25,000 students), Drexel University (total enrollment of ~25,500 students) and other colleges and universities located in University City and Center City Philadelphia. Construction has already commenced with a targeted completion date in fall 2014; leasing is expected to begin in fall 2013.

The project will offer an attractive, upscale housing option within walking distance to retail, residential, mass transportation and university facilities and will feature attractively furnished units with bed-bath parity. It will include a broad array of high-end appointments including a roof top swimming pool, media lounge and a 24-hour fitness center. Residents will also have access to a full concierge level providing hotel-like amenities throughout the day including coffee service, a library technology center and first floor retail. Ample common areas including numerous study lounges will be designed to accommodate social and academic interaction. To foster a sense of community and promote resident engagement, the property will regularly host a variety of activities. A highly trained, professional staff – including a general manager, leasing manager, community assistants and a courtesy officer for security purposes – will serve residents. As part of the partnership agreement, Campus Crest will act as property manager of the completed 850-bed tower.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs