Capstone Development Partners and Provident Commonwealth Education Resources (PCER) have achieved the financial closure for the new student housing and dining community project on the campus of the University of Massachusetts, US.

The financing consists of US$130 of Student Housing Revenue Bonds issued through MassDevelopment to finance the development costs of the the project.

The project, worth US$139 million, involves to develop, construct, own and operate a new 1,082-bed student housing facility and a fully-furnished and equipped dining and food services 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.

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