University of Mississippi Student Housing Project
In 2025, Provident assisted the University of Mississippi, a.k.a. “Ole Miss” in meeting its urgent need for student housing to accommodate its steadily expanding enrollment base, having seen its full-time equivalent enrollment rise more than 25% over the past 4 years. The first of 3 phases, Kincannon Hall will provide much-needed new on-campus housing primarily for incoming freshmen.
Project Completion
and Impact Overview
In December 2025, Provident and the University reached financial close on the tax-exempt and taxable financing of the University’s Project, with opening planned for Fall 2027. The Project is non-recourse to the University and benefited from an initial underlying rating of BBB- from S&P and an enhanced rating of AA thanks to bond insurance provided by Build America Mutual.
Financing
$114,250,000 in Student Housing Revenue Bonds by the Public Finance Authority.
Development &
Management
Greystar is serving as the Developer and 3rd-party manager for the Project. The bulk of the construction will consist of modular units manufactured by Greystar’s Modern Living Solutions at its factory in Knox, Pennsylvania.
Community Impact
To meet housing demand, Ole Miss has master-leased beds off campus in each of the past three years, with about 1,150 and 1,400 beds master-leased in fall 2024 and fall 2025, respectively. Those students unable to secure on-campus or off-campus master-leased beds typically live in the surrounding area, which, pursuant to a market study conducted by Brailsford & Dunlavey, has become increasingly unaffordable and hard to find in recent years. Through Provident’s nonprofit financing approach and resulting cost-effective rental rates, this and future Projects are expected to drive significant demand and relieve pressure in these off-campus markets.