PLACE/BV STUDENT HOUSING FUND CLOSES ON $58.8 MILLION CHICAGO PROJECT

CHICAGO — Place/BV Student Housing Fund has closed on the construction loan for the $58.8 million Tailor Lofts in Chicago. Scheduled for delivery in August, the 477-bed Tailor Lofts will serve students of more than 20 Chicago-area colleges and universities. The project features 135 fully furnished units with full kitchens, including dishwashers, private bathrooms and views of downtown Chicago. Amenities include wireless Internet access, plasma televisions and DVRs in each unit, an activity center with pool tables and gaming systems, a computer lab, study rooms, a 24-hour fitness center, a high-pressure tanning dome, and a laundry center and trash chute on each floor. BVP Managers, a joint venture between Atlanta-based Place Properties, an affiliate group of companies and Chicago-based Blue Vista Capital Management, serves as the manager of the fund.