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"Our target work force is very mobile, and they don't know where they will be in five to six years. Living in these houses and not have to commit, allows mobility."

"The property has experienced significant demand with units being rented out as the individual buildings were completed."

Overall, the projects approved by the BPDA will create 1,633 construction jobs, 1,167 direct jobs and 871 indirect and induced jobs.

The new loan bears a fixed interest rate of 3.62% and matures on January 1, 2030, and will replace a $427 million loan, which was repaid at closing.

Industry players from across a spectrum gathered on Manhattan's West Side and discussed their optimism about emerging joint ventures in the retail sector at ICSC's New York Deal Making Conference this year.

The acquisition was finalized on Dec. 13 with an effective date of Sunday, Dec. 15. Tower and Drexel University reached an agreement in late September to acquire St. Christopher's Hospital for Children for $50 million in a bankruptcy sale.

"Operational real estate is a few things. It's experiential, satisfaction of the end-user and, of course, stellar service."

The EY team also includes Bauer Latoza Studio (a Minority Business Enterprise), Goodman Williams Group (a Women Business Enterprise), and Mayer Brown, LLP.