Construction of a $67 million Texas university mixed-use project has begun after the developing consortium, led by equity sponsor Star America Infrastructure Projects, reached financial close.
Balfour Beatty Campus Solutions, a college campus developer, and Dallas-based residential and commercial real estate firm Wynne/Jackson make up the rest of the group that is building phase two of the Northside mixed-use project at the University of Texas at Dallas.
Procured as a PPP, Northside 2 includes the construction of mid-rise apartments and townhomes that will consist of 275 housing units with 900 beds, 6,600 square feet of retail space, additional shops and a fitness facility. Outdoor space, including courtyards and recreational areas, and a pool are also being built.
The project is 100 percent financed through developer equity and a construction loan from First United Bank. The consortium has secured a 61-year ground lease with the university, and Balfour Beatty will operate the facilities upon completion.
The project is expected to finish in August 2018, at the beginning of the autumn academic semester.
Star America closed its debut infrastructure fund in April 2016 on its $300 million target. Star America Infrastructure Fund I focuses on greenfield PPP projects in North America in the transportation, social infrastructure and water sectors.
The firm is also part of the consortium developing the $815 million State Highway 288 toll lane in Texas.