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Penn Access when completed will provide access for suburban NYC commuters to Penn Station on the West Side of Manhattan using existing Amtrak tracks and right of ways.

MGM announced the planned closing of its purchase in connection with its appointment of Uri Clinton as president and chief operating officer of Empire City Casino upon the Las Vegas-based gaming company's closing on the property and completion of licensing requirements that are expected in January.

The purchase of 1025 Vermont Ave., NW, is the second joint venture for the two companies.

The plan features two residential buildings with an affordable housing component, plus retail and parking steps from the University of Michigan campus.

Each of the portfolio's properties are well-located and poised to capitalize on the positive rent environment, thanks to their location within a metropolitan area exhibiting strong fundamentals.

Delays in the economic recovery of the area after Super Storm Sandy caused the company to fall behind on its first mortgage.