Financing closed for Massachusetts student housing project

WCN Editorial Team 23 Nov 2016 NORTH AMERICA BUILDINGS

Capstone Development Partners and Provident Commonwealth Education Resources (PCER) have secured the financing for a new student housing and dining community in Massachusetts, US.

 

The project will delivered for the University of Massachusetts Building Authority (UMBA) and will be constructed on the campus of the University of Massachusetts Boston (UMass Boston).

Estimated to cost $139M, the public-private partnership will include 1,077 student beds targeted primarily to first year students, and about 23,000sq ft dining facility.

The community will consist of two buildings, with up to 12 floors, totalling about 250,000 sq ft. It will also include living-learning amenities such as seminar rooms, study lounges and other social and academic amenities.

The housing will be managed by UMass Boston and Capstone On-Campus Management.

Construction of the project is scheduled to commence in the coming weeks, and will be ready for occupancy by the autumn of 2018.

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