MORGANTOWN, W.VA. — Core Spaces has acquired a three-year-old, 420-bed student housing community located less than half a mile away from the West Virginia University campus in Morgantown. Originally called Beech View Place Apartments, the facility will be rebranded State On Campus Morgantown. Core Spaces will implement a capital improvement program to include the addition of a fitness center replete with a steam room and sauna, and a full overhaul of the interior courtyard to include a hot tub and areas for grilling and socializing. Core Spaces will add a new computer lab that will feature new computers, printers, multiple group study areas and individual study spaces. The leasing offices, lobby and reception area will also be redesigned and repositioned. Renovations are expected to begin this summer and be complete by late fall.
West Virginia
BRIDGEPORT, W.VA. — Pittsburgh-based Civil & Environmental Consultants Inc. (CEC) has moved its Bridgeport office to Charles Pointe, a $1.5 billion, 1,700-acre mixed-use community within West Virginia’s I-79 High Technology Corridor. The environmental firm has leased 18,600 square feet of office space at 600 Marketplace Ave. for its 65 Bridgeport employees. CEC provides civil, ecological, environmental and survey services, as well as wastewater collection, transmission and treatment solutions to the mining, oil and gas and real estate industries, as well as to the public sector.
Campus Evolution Villages Refinances Student Housing Asset Near West Virginia University
by John Nelson
MORGANTOWN, W.VA. — Campus Evolution Villages has refinanced Campus Evolution Villages Morgantown, a 924-bed, 280-unit student housing property located minutes away from West Virginia University. Each unit is fully furnished and features private bedrooms and bathrooms for each resident. Amenities at the center include a newly renovated clubhouse with a 24-hour fitness center, resort-style pool with hot tub, volleyball court, sun deck, basketball court, 24-hour computer lounge, tanning beds and a free shuttle bus service to West Virginia University’s downtown, Evansdale and Health Sciences campuses. Steven Vornea with JL Hunter arranged the financing for CEV.
CLEVELAND — KeyBank Real Estate Capital has arranged a total of $47.7 million of permanent financing for six assisted living communities managed by Ridge Care Inc. The financing included a $38.5 million, 35-year, fixed-rate loan through the FHA 232/223(f) mortgage insurance program and a $9.2 million Fannie Mae loan. John Randolph and Charlie Shoop of Key’s Healthcare Mortgage Group arranged the financing, which provides Ridge Care with cash flow flexibility and excess proceeds to make capital improvements within their portfolio and continue the development of additional assisted living communities. The six recently refinanced properties comprise 319 units and include The Havens at Princeton in Princeton, W.Va.; Walnut Ridge Assisted Living in Walnut Cove, N.C.; Kerner Ridge Assisted Living in Kernersville, N.C.; Forest Ridge Assisted Living in West Jefferson, N.C.; Mallard Ridge Assisted Living in Clemmons, N.C.; and Arbor Ridge at Stanleyville in Stanleyville, N.C.
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