{"id":1004066905,"date":"2013-02-07T08:00:19","date_gmt":"2013-02-07T16:00:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004066905"},"modified":"2022-12-08T21:03:59","modified_gmt":"2022-12-09T05:03:59","slug":"brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/","title":{"rendered":"Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly"},"content":{"rendered":"<p><em>By Gail Kalinoski, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004066907\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/render-5_skin_chestnut-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg\" data-orig-size=\"480,320\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Render 5_Skin_Chestnut street\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg?w=480\" class=\"alignleft size-medium wp-image-1004066907\" title=\"Render 5_Skin_Chestnut street\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg 480w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Two REITs and a real estate private equity firm are teaming up to develop a $158.5 million, 33-story, 850-bed student housing tower at Cira Centre South in Philadelphia\u2019s University City section.<\/p>\n<p>Under the joint venture of Brandywine Realty Trust, Campus Crest Communities Inc. and Harrison Street Real Estate Capital, Brandywine and Campus Crest will each own 30 percent of the development while Harrison Street will own 40 percent. It 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.<\/p>\n<p>Construction on The Grove at Cira Centre South has begun and is expected to be ready for students by the fall of 2014, Campus Crest CEO Ted W. Rollins told <em>Commercial Property Executive.<\/em> Located at 2930 Chestnut Street on land leased from the University of Pennsylvania, the project will be part of Brandywine\u2019s Cira Centre mixed-use development on the west bank of the Schuylkill River.<\/p>\n<p>The project is aimed at graduate and undergraduate students from Penn and Drexel University, which both have enrollments of about 25,000, as well as numerous other colleges and universities in the surrounding area. It will have amenities including a rooftop swimming pool, media lounge, 24-hour fitness center, a library technology center, coffee service and first floor retail. Campus Crest will act as property manager and will staff the facility with a general manager, leasing manager and security. It is located within walking distance to shops, transportation and university facilities.<\/p>\n<p>The Grove at Cira Centre South is expected to achieve LEED Gold certification. Rollins said the team is working with the Institute for the Built Environment, which Campus Crest has used before for guidance on sustainability issues. The project is being designed by architect Erdy McHenry in consultation with Cira master plan architect Cesar Pelli.<\/p>\n<p>Rollins said this is the first time Charlotte, N.C.-based Campus Crest, which entered the student housing business in 2004, has worked with Brandywine. Headquartered in Radnor, Penn., Brandywine specializes in urban, town center and office properties. Its portfolio consists of 297 properties and 34.6 million square feet, including Cira Centre, a 29-story office building which opened in 2006.<\/p>\n<p>\u201cWe feel proud that we were selected to be their student housing partner,\u201d Rollins told <em>Commercial Property Executive.<\/em><\/p>\n<p>Rollins said he and Gerard H. Sweeney, president and CEO of Brandywine, were brought together about two years ago by their mutual banker at Barclays. Barclays advised Campus Crest on this transaction.<\/p>\n<p>\u201cGerry Sweeney and I had a chance to meet. We got along and we went through a process talking about what we both had as a vision,\u201d Rollins recalled. \u201cOne thing led to another.\u201d<\/p>\n<p>Rollins said he brought longtime equity partner Harrison Street into the project. Campus Crest has worked with the Chicago-based real estate investment management firm since 2008 on 18 property investments.<\/p>\n<p>\u201cWe have a great relationship with them,\u201d he noted. \u201cWe\u2019ve done half a billion (dollars) of projects with them.\u201d<\/p>\n<p>\u201cWe look forward to further expanding our successful Cira Centre development and shaping the Philadelphia skyline with our new partners,\u201d Sweeney said in a prepared statement. \u201cWe recognized the strong demand for graduate and undergraduate student housing in University City and selected Campus Crest for its proven operating platform and track record of success.\u201d<\/p>\n<p>Sweeney also cited Harrison Street\u2019s \u201castute investment experience and national market perspective\u201d and said that would \u201censure excellent execution and a successful investment result.\u201d<\/p>\n<p>\u201cBrandywine and Campus Crest are industry leaders and we are proud to be affiliated with them both,\u201d Christopher Merrill, co-founder, president and CEO of Harrison Street, stated in the release.<\/p>\n<p>For Campus Crest, the Philadelphia project is its biggest to date, but the REIT has been steadily growing, particularly in the last two years, Rollins said.<\/p>\n<p>\u201cSince we went public in 2010, we doubled the size of the company,\u201d he said.<\/p>\n<p>In late 2011, the REIT announced it had a $156.8 million pipeline planned for student housing projects that would add 1,282 units. In fall 2012, Campus Crest opened six new facilities in Auburn, Ala.; Laramie, Wyo.; Flagstaff, Ariz.; Fayetteville, Ark.; Orono, Maine; and Stillwater, Okla. The REIT has a total of 39 properties in 18 states with nearly 21,000 beds.<\/p>\n<p>Rollins said the REIT will continue to seek out attractive opportunities for student housing throughout the United States.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two REITs and a real estate private equity firm are teaming up to develop a $158 million, 33-story, 850-bed student housing tower at Cira Centre South in Philadelphia\u2019s University City section.<\/p>\n","protected":false},"author":1068,"featured_media":1004066907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,11,21742,1494],"tags":[],"class_list":["post-1004066905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-midatlantic","category-latest","category-philadelphia"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly\" \/>\n<meta property=\"og:description\" content=\"Two REITs and a real estate private equity firm are teaming up to develop a $158 million, 33-story, 850-bed student housing tower at Cira Centre South in Philadelphia\u2019s University City section.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-07T16:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:03:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"320\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/\",\"name\":\"Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg\",\"datePublished\":\"2013-02-07T16:00:19+00:00\",\"dateModified\":\"2022-12-09T05:03:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg\",\"width\":\"480\",\"height\":\"320\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/","og_locale":"en_US","og_type":"article","og_title":"Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly","og_description":"Two REITs and a real estate private equity firm are teaming up to develop a $158 million, 33-story, 850-bed student housing tower at Cira Centre South in Philadelphia\u2019s University City section.","og_url":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-02-07T16:00:19+00:00","article_modified_time":"2022-12-09T05:03:59+00:00","og_image":[{"width":480,"height":320,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg","type":"image\/jpeg"}],"author":"Gail Kalinoski","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/","url":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/","name":"Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg","datePublished":"2013-02-07T16:00:19+00:00","dateModified":"2022-12-09T05:03:59+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg","width":"480","height":"320"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/brandywine-campus-crest-partner-to-build-158m-student-housing-in-philly\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Render-5_Skin_Chestnut-street.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004066905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1068"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004066905"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004066905\/revisions"}],"predecessor-version":[{"id":1004610897,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004066905\/revisions\/1004610897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004066907"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004066905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004066905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004066905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}