Capstone Development Partners and Provident Commonwealth Education Resources (PECR) reached financial close for student housing facilities at the University of Massachusetts Boston.
The University of Massachusetts Building Authority has procured the $139 million project as a public-private partnership, and the Massachusetts Development Authority has issued tax-exempt project revenue bonds, underwritten by Citigroup and a team of financiers, that will fund the project.
Capstone Development Partners and PECR will build new student housing and improve dining facilities at the university. The new facilities include two buildings, each between about seven and 12 stories tall with a total area of 250,000 square feet. The housing will hold 1,077 student beds for first-year students. PCER will own the housing and dining improvements.
“The university is growing and its reputation as a premier urban research institution, regionally and nationally, is attracting more students, including those who want and need to live on campus,” UMass Boston vice chancellor for enrollment management Lisa Johnson said. “It is exciting for UMass Boston to be on the precipice of developing this landmark housing and dining project.”
Construction is expected to start in the coming weeks and will be ready by fall 2018.
Capstone is a student housing developer based in Alabama. It has partnered with almost 70 colleges and universities throughout the US.
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