Image courtesy of Newman Architects
A proposed housing development aimed at UConn students has been revealed to be part of a joint venture between its developer and Liberty Mutual’s investment arm.
Liberty Mutual Investments said it was forming joint ventures with Georgia-based Landmark Properties “for the acquisition and development” of a Landmark proposed development in State College, Pennsylvania and its The Mark Mansfield property in Storrs.
Together the JVs would represent 1,255 student beds, the companies’ announcement stated.
“These properties represent exceptional opportunities to deliver premier off-campus student housing at thriving universities—communities that will attract students and provide long-term value for residents,” Managing Director and Head of Real Estate at Liberty Mutual Investments Christopher Finn said in a statement. “We are excited to expand LMI’s student housing platform with Landmark, a leading developer of purpose-built, best-in-class student housing.”
TSB Capital Advisors arranged financing for both transactions, the companies stated, but no new mortgages have been recorded at the Mansfield town clerk’s office for the 134 North Eagleville Road property beyond a $9.6 million loan from Webster Bank that Landmark Properties used to buy the site in March.
The Mark Mansfield, as planned, will be a 9-story student housing project serving UConn students, will add 740 beds in the supply-constrained Storrs market. Planned amenities include a fitness center and clubhouse, sauna, “nearly pool-sized” hot tub, study lounge, computer lab, gaming lounge and bicycle parking, the company said.
“We’re excited about forging this relationship with LMI and look forward to working together on future initiatives,” Landmark Properties President and Chief Investment Officer Walt Templin said in a statement. “Our shared commitment to providing housing options in university communities will help students excel in their academic careers while also reducing the pressure on the local housing market.”
