Northeast

WEST CHESTER, PA. — EdR has closed financing and begun construction on a $57.5 million third-party student housing development on the campus of the West Chester University of Pennsylvania. The development continues the university's housing renewal initiative that began in 2001. The new housing — named Commonwealth Hall — will be complete by the summer of 2014. The property will have 653 beds in a variety of floor plans from single-occupancy apartments to shared-living suites for up to six residents. Amenities will include a fitness center, study lounges and a full residence life program. The university's student health services, counseling center and emergency medical services will be on the lower level of this eight-story building.

NEW YORK CITY — Houlihan-Parnes Realtors LLC has placed $1.3 million in financing for 3311 Giles Place, a 99-unit apartment building in Brooklyn. The seven-story multifamily property was constructed in 1962 and includes two self-service elevators, a marble lobby and terraces. The 10-year, fixed-rate loan has a 30-year amortization schedule and is through a local bank. Norman Himmelfarb of Himmelfarb & Sher LLP represented the borrower in the transaction.