UC Funds Provides $20.5 Million for Stalled USU Project

Logan, Utah — UC Funds will provide a $20.5 million adaptive reuse / heavy rehabilitation loan to be used to restart a stalled student housing project in Logan, Utah.

The ground-up development near Utah State University will feature many upmarket amenities, including a yoga studio, indoor bowling alley and a sky bridge connecting the project’s two buildings. The upcoming 80-unit, 480-bed community is being billed as having some of the most upscale amenities available in the student housing market in Logan.

The release announcing the new funding did not name the property, but news reports indicate it is the Aggie Factory being developed by Nelson Brothers. A Salt Lake City Fox affiliate reported on Aug. 2 that the development stalled when one of the primary investors died.

“We are excited to team up with a new local partner on an exclusive opportunity at Utah State University,” said Jeff Weingart, UC Funds’ senior vice president. “UC Funds provided construction rescue capital to restart the development on an exceptional student housing community”

The completed project will also feature an on-site movie theater, year-round hot tub and a 320-space parking garage. Units will include washers and dryers and granite countertops. The property is within two blocks of Utah State University’s campus which is about 70 miles north of Salt Lake City.

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