Magic Johnson, Greystar Partnering On UPenn Housing Redevelopment: The Philadelphia Deal Sheet
One of the nation’s most prestigious universities has brought on partners to invest in housing for its graduate student population.
The University of Pennsylvania and Greystar are teaming up to redevelop 3650 Chestnut St., which includes 493 beds across 448 furnished units, they announced Wednesday.
This is the first student housing project funded through Greystar’s infrastructure platform. The multifamily firm is partnering on the deal with JLC, a fund focused on infrastructure projects that was co-founded by NBA superstar Magic Johnson in 2023.
BartonPartners Architecture and Hunter Roberts Construction Group have also been tapped for the project, which includes an 11,200 SF amenity space with a fitness center, gaming room and test kitchen. Upgrades are also being made to the complex’s outdoor plaza.
The student housing units will be “attainably priced,” the announcement says.
Penn and Greystar have collaborated on student housing before. In 2023, they teamed up to renovate the Accolade on Chestnut down the street, which contains another 588 beds.
LEASES
Student loan startup GradBridge has selected a nearly 10K SF space at the Iron Hill Corporate Center in Newark, Delaware, as its new headquarters. The company is expected to create 49 new jobs there.
CONSTRUCTION AND DEVELOPMENT
Federal Realty Investment Trust began the third and final phase of its Willow Grove Shopping Center redevelopment last week. The $115M mixed-use project will include 261 apartments, 52K SF of retail and a garage with 438 parking spots.
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Construction has been completed on NewCourtland’s 48-unit Apartments at Clearfield affordable senior housing complex. The building is at 2033 W. Toronto St. in the Allegheny West section of North Philadelphia.
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Iron Stone Real Estate Partners, Silver Wave Equities and Sorani Capital have broken ground on a 46-unit workforce housing complex at 2800 W. Diamond St. in the Strawberry Mansion section of North Philadelphia. The majority equity investor is the 481 CEI-Boulos Impact Fund, a $25M venture funded by TD Bank and managed by CEI-Boulos Capital Management.
FINANCING
GY Properties has refinanced the Residences at Pier 40 in Northern Liberties with a $43M senior bridge loan from Basis Investment Group. The 195-unit newly constructed property is at 933 N. Penn St.
PEOPLE
Allie Gaeta has joined Colliers’ Philadelphia office as a senior vice president in the Williams-Golarz industrial team. She previously spent nearly a decade with Cushman & Wakefield.
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Plymouth Meeting-based parking and hospitality firm Towne has brought on Karuth Sanker as its new chief technology officer. He has more than 30 years of experience, including stints at Amazon and Zipcar.
