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The new facility will expand Thomas Jefferson University's research capacity and, along with the Bluemle Life Sciences Building and Jefferson Alumni Hall, will create a "research corridor" along Locust Street.
The concept of live-work-play has changed the complexion of buildings as residents demand their living spaces provide greater amenities and engagement.
With borrowers willing to pay a premium rate in favor of more leverage and more flexible loan provisions, bridge lenders and alternative lending platforms are finding a robust pipeline of deal flow.
Upon the acquisition close, VICI entered a triple-net master lease agreement with Century under lease-terms that include an annual rent of $25 million and with an initial term of 15 years, with four 5-year tenant renewal options.
The 23,746-square-foot property features 32 residential units and one commercial unit. On the ground-floor is Corner Social Bar & Restaurant, a well-known staple and gathering spot in the neighborhood.