Working with an established team on the flagship campus of Louisiana State University, in our hometown of Baton Rouge, Provident is proud to have served an integral role in the multi-phase, multi-purpose transformation of the Nicholson Drive corridor, the largest under-developed tract of University-owned property adjacent to LSU’s campus core.
LSU partnered with Provident Resources Group Inc. and RISE – A Real Estate Company (RISE) to undertake this first phase the development of a new student housing complex and related amenities. Provident, in coordination with RISE and LSU, financed the design, development, construction and equipment of this new student housing complex that consists of seven new student apartment buildings providing 1,953 new beds benefiting students attending LSU.
The project is located on the west side of LSU’s campus along Nicholson Drive, near Tiger Stadium, the LSU Pete Maravich Assembly Center and a key roadway linking LSU to the Baton Rouge downtown area and the Louisiana State Capital complex.
Phase 1 of the Project was financed through the issuance of $235,295,000 in tax-exempt and taxable lease revenue bonds by the Louisiana Public Facilities Authority. The bonds are secured by a Leasehold Mortgage and Pledge of Leases and Rents, with a final maturity of forty years. The bonds were rated A3 by Moody’s and were underwritten by RBC Capital Markets.
The student housing complex is owned and operated by Provident with management services being provided by RISE and LSU.
The project has turned what was historically the back of the campus into an exciting new gateway district. The first phase, including Nicholson Gateway and Spruce Hall, is a 28-acre site between West Chimes Street and Skip Bertman Drive.