Tufts University Student Housing Project
In early 2025, Provident was proud to have been selected to partner with Tufts University to address their significant need for cost-effective on-campus housing in the face of an increasingly expensive Boston metropolitan rental market.
Project Completion
and Impact Overview
In June 2025, Provident and the Tufts University team reached financial close on the long-term tax-exempt financing of the University’s brand new 664-bed student housing project. The Bonds were sold by Barclays through the Massachusetts Development Finance Agency.
Financing
The Bonds were issued as long-term fixed rate obligations, with final maturity in 2065. Upon maturity of the Bonds, the Project reverts to Tufts University free and clear of all debt. In support of the Project’s success and in pursuit of student affordability, the University contributed approximately $15 million in funding for the Project, along with a long-term contingent lease obligation to ensure long-term performance.
Development &
Management
Developer for the Project is Capstone Development Partners, with Erland Construction and Elkus Manfredi handling construction and design, respectively. Management for the Project will be provided by Capstone Management Partners, in partnership with the University.
Community Impact
Historically, the Boston region has among the highest costs of living in the country. This dynamic can have a significant impact on students of institutions in the area. By undertaking the Project, Tufts University can alleviate some of the financial burden on students through more cost-effective housing options that are convenient to classes. Furthermore, by directing demand to campus, pressure on the off-campus market and the surrounding neighborhoods is offset.