Campus Crest Closes Construction Financing and Increases Line of Credit

Charlotte, N.C. — Six properties make up developments for 2012/2013. 

Charlotte, N.C. — Campus Crest Communities has announced closing on construction financing on  properties under The Grove brand, which completes financing for all of its 2012/2013 academic year development projects.

 

The company previously announced $31.5 million of construction financing for its wholly owned projects, The Grove at Auburn, Auburn, Ala., and The Grove at Orono, near the University of Maine. It also has closed a $19.8 million loan for its third wholly owned development in Flagstaff, Ariz., near Northern Arizona University.

 

An additional $52.6 million of construction loans has been closed for its three joint venture projects with Harrison Street Real Estate, in which Campus Crest owns a 10 percent interest. The three joint-venture properties are The Grove at Fayetteville near the University of Arkansas; The Grove at Laramie near the University of Wyoming and The Grove at Stillwater, near Oklahoma State University.

 

The company also announced it has increased the capacity of its unsecured revolving credit facility to $200 million, which is a $50 million increase. The company intends to use the increased capacity on the facility to fund expansion and construction of new properties.

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