Boston — Capstone Development Partners and Provident Commonwealth Education Resources Inc. have closed on the financing for a $139 million student housing and dining community to be constructed on the University of Massachusetts Boston campus.
The development will be the first on-campus student housing at the university. The two-building, 250,000-square-foot community is set to feature 1,077-beds targeted for primarily first-year students and an approximately 23,000-square-foot dining facility. The property will also include living-learning amenities such as seminar rooms, study lounges and other social and academic amenities to support student success and enhance the quality of campus life.
Structured as a P3, the project is being financed by tax-exempt revenue bonds issued by the Massachusetts Development Authority and underwritten by Citigroup. Provident Commonwealth Education Resources will own the housing and dining space, subject to a ground lease from the institution.
UMass Boston and Capstone On-Campus Management will manage the housing. The design-build team for the project is Elkus Manfredi Architects and Shawmut Design and Construction. Construction is slated to begin within the coming weeks, with completion scheduled for fall 2018.