COLLEGE STATION, TEXAS — Balfour Beatty has closed on the financing for a $104 million student housing project at Texas A&M University’s main campus in College Station.
Balfour Beatty Campus Solutions LLC, a developer and operator for the college and university market, is the lead developer for the development, and Balfour Beatty Construction, based in Dallas, is the design/build partner on the project.
The development, which is Phase I of the project’s two planned phases, will feature 1,274 beds and community areas that will house residence life offices and other amenities for Texas A&M’s undergraduates. Construction is expected to begin this summer, and the development is expected to be ready for occupancy in August 2015.
“This is an exciting project that harnesses the significant capabilities of both Balfour Beatty’s investments and construction teams to deliver a creative development and financing solution that meets the university’s specific goals,” says Jim Short, senior vice president for Balfour Beatty Campus Solutions. “We’ve worked closely with university representatives and are very pleased with the ultimate design which will result in an exceptional living environment for the students at Texas A&M.”
Developed through a public-private partnership on a long-term ground lease with the university, the project scope includes the design, construction and financing for the new west campus facility.
Balfour Beatty Investments assisted in facilitating the issuance of approximately $104 million in tax-exempt bonds, which will fund the total cost of the project. RBC Capital Markets served as the underwriter for the issuance of the bonds.
Texas A&M University Housing and Residence Life will manage the facility upon completion.
Balfour Beatty Campus Solutions provides development, property management and other real estate services to colleges, universities, and their affiliated entities, focusing on projects utilizing a public-private partnership model. The company is part of Balfour Beatty plc, an international infrastructure group operating in construction services, professional services, support services and infrastructure investments.
— John Nelson