Behringer Buying Into JV's $68M GrandMarcs

FORT WORTH-Behringer Harvard has struck a buy-in agreement to two student housing projects being developed by subsidiaries of Brookfield Real Estate Opportunity Fund and Phoenix Property Co. The play opens with $14.2 million in mezzanine funding for GrandMarc projects in Fort Worth and Charlottesville, VA.

Behringer Harvard Opportunity REIT I Inc. provided the capital and will pick up a 50% partnership interest when the projects deliver. The Dallas-based Behringer Harvard kicked in $8.1 million for the $38.3-million, 644-bed GrandMarc at Westberry Place at 2855 W. Bowie St. on the Texas Christian University campus in Fort Worth and about $6.1 million for the $29.9-million, 649-bed GrandMarc at the Corner at 307-321 15th St. beside the University of Virginia campus. The projects are ticketed to roll within 30 days of their completion or by Aug. 15 into a joint venture pool between Behringer Harvard and the development duo, according to an SEC filing.