Palm Beach Atlantic University - Student Housing Project – Phase II
In June of 2025, Provident proudly partnered with Palm Beach Atlantic University for their Phase II student housing project, scheduled to open in Fall 2027. Unlike their Phase I student housing project, this second phase will encompass a dining facility, parking garage, and wellness center for the University.
Project Completion
and Impact Overview
Once completed, the Project will offer new on-campus housing in close proximity to the campus core, a cost-effective option for students in an increasingly expensive West Palm Beach market, on-campus parking, enhanced dining and fitness options, and PBAU residence life programming.
Financing
On May 29, 2025, Provident and the University of Washington reached financial close on $498,410,000 in senior and subordinate nonprofit revenue bonds issued through the Washington State Housing Finance Commission. Barclays and Raymond James served as co-senior underwriters on the offering. The Bonds received a BB+ underlying rating from S&P, while Build America Mutual provided AA rated bond insurance for $296.84 million of the bonds.
Development &
Management
The Developer and Design-Builder on the Project is Gilbane Development Company. Management of the student housing project will be provided directly from Palm Beach Atlantic University.
Community Impact
The Palm Beach Atlantic University Phase II Student Housing Project, owned by Provident, supports the University’s growth while contributing to the vitality of West Palm Beach. By providing modern, on-campus housing, the project enhances student life, promotes academic success, and stimulates local economic activity. Provident is proud to serve as a key component in a development that benefits both the University and the surrounding community.