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Georgian Court University is selling 42 acres of land to Beth Medrash Govoha Lakewood yeshiva, according to an announcement by university leaders Wednesday.

The university plans to use proceeds from the land sale to create a new nursing and health sciences center and upgrade its dorms, among other initiatives. Beth Medrash Govoha purchased the property to build more student housing. The neighboring institutions are located in Lakewood, N.J.

Joseph Marbach, president of Georgian Court, said the sale signals a “mutually beneficial partnership” between the Catholic university and the Orthodox Jewish institution.

“It enables both communities to forge ahead to a better and brighter tomorrow,” he said in a press release.

Howard Friedman, chairman of the board of Beth Medrash Govoha, said the decision involved “many months of careful thought and planning on all parts.”

“It’s a win-win and a great next step for the future of Lakewood,” he said in the release.