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Corvias Campus Living (Corvias Group) has reached financial close for the PPP project to develop, construct, manage and maintain student housing for the University System of Georgia (USG).
Corvias Group has secured US$548.3 million in private financing to fund the initial phase of the project.
Under the terms of the 65-year partnership, Corvias Campus Living will significantly improve on-campus student housing at nine of the USG's 30 campuses, including the development, construction, management and long-term maintenance of 3,753 new beds and 6,195 existing beds.
Another feature of this long-term approach is that every bed will be renovated and/or replaced multiple times during the partnership, returning all assets to the campus in new or like new condition.
The participating campuses are:
The new facilities are scheduled to be ready for students in fall 2016.
Kurt Ehlers, Managing Director of Corvias Campus Living stated:
"The USG is to be commended for taking such an innovative approach to improve their student housing. The customized solution that we developed will allow the USG to defease approximately US$300 million in existing debt and build the new 3,753 beds without incurring additional debt. Ultimately, this will directly benefit students by keeping housing updated and affordable while allowing the schools to focus on their core mission of education."
"About 70 percent of student housing nationwide is more than 25 years old, and most of it hasn't been properly maintained. Establishing a reinvestment reserve solves that problem by providing funding to ensure that student housing is in as good condition at the end of a long-term partnership as it was on the day it was built."