Globe St. takes a look at Philadelphia's Campus Apartments, one of the country's largest student-housing firms, which recently broke ground on a $50 million Hilton hotel near the University of Pennsylvania.
David Adelmen, the firm's chief executive, tells GlobeSt.com that the company decided to take on the venture because of the strong demand close to the university for an extended-stay hotel. The development, which just broke ground, is also close to Penn Medicine and the Children's Hospital of Philadelphia. Plus, management can keep it under close watch, being based in the same city.And it might not be the last one that Campus Apartments undertakes. "It's certainly a project we'd consider doing in the future for universities," Adelman says.Getting financing for the project was one of the biggest challenges, and a number of entities are providing the funding. Financing is provided jointly by the Commonwealth of Pennsylvania, the Philadelphia Industrial Development Corporation (PIDC), The Reinvestment Fund (TRF, US Bank Community Development Corporation and Beneficial Bank.Original source: Globe St.
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