Philadelphia and Charlotte, N.C. — Harrison Street is the equity partner on the project. The urban tower development is a change of course in CCG's typical secondary market strategy.
Philadelphia and Charlotte, N.C. — Brandywine Realty Trust, Campus Crest Communities and Harrison Street Real Estate Capital (HSRE) will 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 30th and Chestnut Streets on a site leased from the University of Pennsylvania.
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 as administrative agent and Capital One as syndication agent. Brandywine and Campus Crest will each own 30 percent of the joint venture, while HSRE will own 40 percent.
The joint venture expects to attract graduate and undergraduate student residents from the surrounding area, including students from Penn (with a total enrollment of approximately 25,000 students), Drexel University (approximately 25,500 students) and other colleges and universities 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.
As part of the partnership agreement, Campus Crest will act as property manager of the completed 850-bed tower.
The building was designed by architect Erdy McHenry in consultation with Cira master plan architect César Pelli. With guidance from the Institute for the Built Environment and Praxis Building Solutions, the project is expected to achieve LEED Gold certification.