Campus Crest Communities, Inc. (CCG) announced commencement of a new on campus development at Colorado State University in Ft. Collins, Colorado and projects at Ball State University in Muncie, Indiana and The University of Oklahoma in Norman, Oklahoma. The three projects are expected to be delivered for the 2013/2014 academic year and have total estimated project costs of $82.5 million.
The Ft. Collins and Muncie properties are wholly-owned, while the Norman property is being developed in a joint venture with Harrison Street Real Estate. The Company will own 20.0% of the Norman project.
The company and the joint venture have closed on a total of $52.1 million of construction financings at an average spread of 238 basis points over LIBOR for the three newly announced projects. The company said it intends to finance its share of the remaining construction costs through its revolving credit facility.
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