Provident was selected by Rowan University to develop, own and operate two on-campus student housing facilities to consist of a total of 741 units containing 1,413 beds. The project consists of two buildings interconnected with bridges above ground level on Rowan University’s campus. The facility includes 36 residential pods, each of which contains approximately 18 double occupancy rooms, one RA room, and two single occupancy rooms, a common lounge, and shared bathrooms. The buildings also include apartments for the Resident Director and for faculty or visiting scholars as well as offices for management staff. The site on which the project is constructed has been leased to Provident for the duration of the financing.
Provident was selected by Rowan University to develop, own and operate two on-campus student housing facilities to consist of a total of 741 units containing 1,413 beds. The project consists of two buildings interconnected with bridges above ground level on Rowan University’s campus. The facility includes 36 residential pods, each of which contains approximately 18 double occupancy rooms, one RA room, and two single occupancy rooms, a common lounge, and shared bathrooms. The buildings also include apartments for the Resident Director and for faculty or visiting scholars as well as offices for management staff. The site on which the project is constructed has been leased to Provident for the duration of the financing.
The project is financed through the issuance of tax-exempt and taxable bonds in two series aggregating $124,920,000 by the New Jersey Economic Development Authority (‘NJEDA”). 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 non-recourse to the NJEDA and Rowan University. The bonds were initially rated “Baa3” by Moody’s and “BBB-” by S&P and were underwritten by RBC Capital Markets.
University Student Living LLC, Marlton, NJ served as the developer of the project and, along with Rowan University, serves as the manager of the project.
