TODAY’S DEALS: EdR Begins On-Campus Asset at West Chester University
EdR closes financing on and begins a new project; M West Holdings completes a 101-unit buy in Los Angeles; and Eastern Union arranges $25 million in financings.
West Chester, Pa.—EdR has closed financing and began construction on a $57.5 million third-party student housing development on campus at West Chester University of Pennsylvania. The development is part of the school’s ongoing housing renewal which began in 2001. The new asset is known as Commonwealth Hall and it has a completion date in the summer of 2014. It will provide 653 beds with units ranging from singles to shared-living suites for six residents.
“We are proud to have been selected by West Chester University Foundation to partner with them again as they continue to enhance and grow their student housing,” says Randy Churchey, president and chief executive officer of EdR. “This will be our 19th development within the Pennsylvania State System of Higher Education and we are very pleased to continue our successful track record at WCU.”
Amenities at Commonwealth Hall will include a fitness center, study lounges and a full residence life program. In addition, the school’s health services, counseling center and emergency medical services will be located on the lower level of the eight-story building.
M West Holdings buys 101-unit asset in East Hollywood
Los Angeles—M West Holdings has acquired the Guardian Arms apartment complex, a 101-unit asset located in East Hollywood. The 1928-built, seven-story property was originally built as a hotel. It is now known as the New Hollywood Apartments, though M West plans to bring back the original name.
“We are extremely excited to become a part of the rapid transition in Hollywood by adding an irreplaceable 1928 vintage property on Hollywood Boulevard to the portfolio. This acquisition represents our ninth major acquisition in Southern California,” says Karl Slovin, president of M West Holdings. “”We are proud to be a part of this property, which is rich in Hollywood history, and we’re committed to its revitalization and preservation for decades to come.”
The firm plans to restore the original façade and upgrade the apartments units with new countertops and stainless steel appliances.
Eastern Union arranges $25M in financings
Baltimore, Md.—Commercial mortgage brokerage firm Eastern Union Funding announced that it has arranged approximately $25 million in financing for commercial real estate properties in the Baltimore region.
Transactions include:
-$7 million to refinance a multifamily property on Holabird Ave in Dundalk, MD, on a 7 year term, at 4 percent, and 30 year amortization. Marc Tropp of Eastern Union arranged the transaction.
-$6.8 million to refinance a 323-unit multifamily property in Lanham, MD, on a 10 year term, at 3.75 percent, and 30 year amortization. Marc Tropp and Sam Begun of Eastern Union arranged the transaction.
-$3.1 million to refinance a hotel on Park Ave in Baltimore, on a 5 year term, at 4.25 percent, and 20 year amortization. Barry Dollman and Marc Tropp of Eastern Union arranged the transaction.
