Kean University Union, New Jersey

Kean University Freshman Residence Hall

Project Summary

The University completed its most recent Campus Master Plan in 2012 which outlined the 2020 Vision for the University and identified the expansion of student housing as a critical component of the University’s academic mission. To meet this vision, Provident, with its partners, developed a new 385-bed freshman building located on the campus of the University.

Cost
$43,785,000
Size
104 Units (385 Beds)
Role
Owner / Borrower / Co-Developer
Development Team
University Student Living LLC, an affiliate of The Michaels Organization
Project Site
Affiliate
University
EMMA Link
EMMA

Overview

The University completed its most recent Campus Master Plan in 2012 which outlined the 2020 Vision for the University and identified the expansion of student housing as a critical component of the University’s academic mission. To meet this vision, Provident, with its partners, developed a new 385-bed freshman building located on the campus of the University.

Selected amenities include a 2,000 square foot bistro, game room, laundry room, business center and food preparation areas. The residence hall incorporates a variety of active and passive conservation strategies that reduce the building’s impact on the environment and contribute to a more sustainable community on economic, social and environmental levels. Altogether, the integrated design strategy of the architecture, structure and mechanical systems yields a building that meet LEED Silver standards.

Financing

The project was financed through the issuance of approximately $44 million in tax-exempt and taxable revenue bonds by the New Jersey Economic Development Authority. The bonds are secured by a Leasehold Mortgage and other security agreements on the project and are to be paid solely from project revenues and other funds available under the Indenture. The bonds are issued with no recourse to the University. The bonds were initially rated “BBB-” by S&P. RBC Capital Markets and Janney Montgomery Scott LLC served as the underwriters for the placement of the bonds.

Development & Management

University Student Living LLC, an affiliate of The Michaels Organization, served as project developer and the University serves as the property manager.