University of Mississippi On-Campus Student Housing
In 2025, Provident Resources Group (“PRG”) was selected to partner with the University of Mississippi to deliver a large-scale, multi-phase on-campus student housing development designed to address sustained enrollment growth and a documented shortage of modern undergraduate housing, specifically focused on freshman students.
Project Completion
and Impact Overview
In December 2025, Provident, through its single-member affiliate PRG – Oxford Properties LLC, successfully reached financial close on the long-term financing of a new on-campus student housing development at the University of Mississippi. The project directly supports the University’s strategic objectives by increasing on-campus capacity, improving housing quality, and maintaining affordability for students — all while preserving institutional capital and balance sheet flexibility.
Financing
The project was financed through the issuance of approximately $114.25 million of Public Finance Authority Student Housing Revenue Bonds, consisting of Senior Tax-Exempt Series 2025A Bonds and Senior Taxable Series 2025B Bonds. The bonds were structured as long-term, fixed-rate obligations with final maturities extending to 2065, providing stable and predictable financing over the life of the asset.
The bonds carry an underlying BBB- rating from S&P, enhanced to AA through Build America Mutual (BAM) bond insurance, and were issued on a non-recourse basis, secured solely by project revenues and a leasehold mortgage interest. Credit protections were further strengthened through the use of a debt service reserve funded via surety policy.
Development &
Management
The project is being delivered through a public-private partnership structure designed to align long-term ownership, operations, and financing with the University’s academic mission while ensuring professional development and management of the housing assets.
Community Impact
The project advances the University of Mississippi’s long-term campus and enrollment strategy by delivering high-quality, on-campus housing that enhances the student experience and supports student success. By leveraging a nonprofit ownership and financing structure, the University is able to modernize its housing infrastructure, preserve affordability, and avoid balance-sheet debt — while generating meaningful economic activity through construction jobs, ongoing operations, and sustained investment in the Oxford community.