A new 112,370 square foot student housing facility and related common space, located on the campus of Lynn University.
Lynn University is an independent college based in Boca Raton, Florida, founded in 1962. The University educates approximately 3,000 students from nearly 100countries. The Project is located on the University’s core campus, adjacent to the University’s newest residence hall, Perper Residence Hall. Lynn’s main campus consists of 115 tropical acres in Boca Raton, including a variety of on-campus amenities for its growing student body.
Provident Group – LU Properties LLC(“Provident SPE”), a newly formed special purpose entity created for the sole purpose of developing, constructing, owning and operating the Project, served as Borrower for the financing under a long-term ground lease with Lynn University.
The Project provides 342 beds of new, state-of-the-art housing for Lynn students, with priority given to upperclassmen and graduate students, though sophomores, freshmen, faculty and staff may utilize the facility if necessary.
Financing. The Project was financed through the issuance of approximately $40.5 million in tax-exempt and taxable Revenue Bonds by Palm Beach County. The bonds are secured by a Leasehold Mortgage and assignment of rents and leases, as well as a fully funded Debt Service Reserve Fund. The bonds are unrated and were sold to investors through a limited offering by Citigroup Global Markets Inc.
Development and Management. Capstone Development Partners, LLC served as developer of the Project, with construction completed by Gerrits Construction, Inc. Capstone Management Partners, LLC will provide management for the property.
