Charlotte, N.C. — Campus Crest Communities has closed a $52.8 million credit facility to fund its current construction projects. Its current development pipeline consists of seven properties totaling $158.9 million.
The company has separately committed the funds for its joint venture projects. The projects will be funded through individual construction loans, and the equity will be provided by a combination of cash on hand, the company's credit line and contributed funds from JV partners.
In addition, Campus Crest has finalized a $50 million joint venture agreement with Harrison Street Real Estate Capital to develop, own and operate purpose-built student housing projects. Campus Crest will control a 20 percent promoted equity position and will earn development and management fees. The joint venture has already begun development for three project totaling 1,800 beds that are expected to be complete for the 2011/2012 academic year. The joint venture represents $238 million in development funding capacity.