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"With new capital made available through this financing and positive momentum in the Midtown market, we feel the property is well positioned for continued success," says Square Mile Capital's Eric Cohen.
All of the student housing buildings are expected to begin operations by the fall of 2020, with the exception of the Octave at the University of Illinois Urbana-Champaign project, which is scheduled for a fall 2019 occupancy.
The request proposes a walkable, mixed-use development that will include a mix of 900 condominiums, 500,000 square feet of new office space, 12,000 square feet of retail and nearly three acres of green space.
“We believe Azure on the Park is a best-in-class asset with a best-in-market location,” says Glen Weisberg, executive vice president, portfolio management at ARA.