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Gavin Newsom recently signed into law a bill to create a state historic tax credit of 20% of qualified rehabilitation expenditures, with an increase to 25% of QREs that meet certain criteria, i.e. affordable housing.
"Demand has kicked in throughout the Greater Philadelphia Metro, which includes Philadelphia proper as well as South Jersey and the city's northern and western suburbs," says Gebroe-Hammer executive managing director Joseph Brecher.
The property prior to the sale, entered into a 10-year, 340-bed master lease with Columbia College in August. Greystar reports that the remaining 48 beds are fully leased for the 2019/2020 academic year.
The 7.2 MW-rated solar installation at Iron Mountain's data center in Edison (NJE-1) is forecast to generate more than 9 Million KWhrs per year, which is enough electricity to power more than 1,000 homes for a year.
The two parties expect to reach a definitive agreement on the deal before the end of the year. CarePoint Health has initiated a separate process seeking a strategic partner for its third operating hospital—Bayonne Medical Center.