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In conjunction with the EdR purchase, Blackstone Real Estate Income Trust, Inc. and partner Greystar Real Estate Partners also reported they had closed on the $1.2-billion purchase of EdR's student housing portfolio.
If the STEM high school project at the former IBM Somers property secures all approvals and lease negotiations are finalized, the lease transaction and the subsequent adaptive reuse project would be the largest of their kind in memory in Westchester County.
The new six-story 187-room Courtyard by Marriott Dulles Herndon is located five miles from Washington Dulles International Airport in the technology corridor dubbed “the Silicon Valley of the East.”
"With new capital made available through this financing and positive momentum in the Midtown market, we feel the property is well positioned for continued success," says Square Mile Capital's Eric Cohen.
All of the student housing buildings are expected to begin operations by the fall of 2020, with the exception of the Octave at the University of Illinois Urbana-Champaign project, which is scheduled for a fall 2019 occupancy.