Capstone Reaches Financial Close on Development of New On-Campus Student Housing Project at San Diego State University
Capstone Development Partners has closed on a traditional debt and equity financing for a new on-campus student housing community at San Diego State University.
DENVER, June 2, 2020 /PRNewswire-PRWeb/ -- Capstone Development Partners, a national student housing real estate developer specializing in on-campus public-private partnerships ("P3"), is pleased to announce it has closed on a traditional debt and equity financing for a new on-campus student housing community ("Project") at San Diego State University ("University").
Planning for the development began in 2018. Despite the COVID-19 pandemic that impacted many municipalities, businesses and financial institutions, the development team is proud to have achieved this milestone in light of the many hurdles it overcame.
Bruce McKee, Principal at Capstone, stated, "I want to thank all of our teammates for their hard work and steadfast dedication to get this project closed and under construction despite all of the challenges we have faced over the past several months. I'm excited to see the Project address the ongoing need for more cost effective housing options for students at SDSU."
Capstone, along with its architect JWDA Architects and builder Cannon Constructors, Inc, collaborated with the San Diego State University Research Foundation's ("Foundation") project stakeholders on the planning, programming and design of the new apartment community to ensure the Project's program meets the University's goals and objectives relative to upper-division and graduate student housing options at and around San Diego State University.
The Project, named VIVA 5750, will be located on land ground leased to Capstone by the Foundation and will serve as a cornerstone to the University's southern gateway entrance at Montezuma Road and Campanile Drive. The 4-story, 80,000 SF community will house approximately 182 students in a mixture of apartment-style units and will include a mix of indoor and outdoor amenities.
This is Capstone's second P3 partnership with the Foundation, having developed the M @ College student housing facility in 2018. While the 'M' primarily serves as housing for sophomore students, this project will provide a muchneeded new housing option for upper-division and graduate students as they matriculate through their studies at SDSU.
The Project will have a total development cost of approximately $23.5 Million.
Construction of the Project commenced in May 2020 and is scheduled to open for the Fall 2021 semester.
About Capstone Development Partners
Capstone Development Partners, LLC is a leading national student housing real estate developer specializing in on-campus public-private partnerships. The company holds offices in Birmingham, Alabama and Denver, Colorado. Its principals, Jeff Jones and Bruce McKee, have more than 45 years combined experience as leaders in the higher education student housing sector. Since 1997, the principals of Capstone have partnered with nearly 70 public and private colleges and universities and delivered more than 44,000 beds of student housing nationwide. For more information please visit http://www.capdevpartners.com.
About San Diego State University Research Foundation
Established in 1943, SDSU Research Foundation is a non-profit, auxiliary organization chartered to further the educational, research and community service objectives of San Diego State University. SDSU Research Foundation is currently administering approximately 1,200 active grants and contracts on behalf of SDSU researchers, and annual revenues of $189 million. With 167 central support staff and over 2,500 grant and contract project employees, it is the largest auxiliary in the state of California.
About JWDA Architects
Joseph Wong Design Associates (JWDA) has been at the forefront of global architectural and interior design since it was founded in San Diego, California in 1977. For over 40 years, JWDA has planned and designed major buildings throughout California and in most major cities in Asia. JWDA's distinctive work is creative and elegant, complemented by its carefully developed knowledge of local history and context. Throughout the world, JWDA has created original, award-winning designs that are functional, efficient, and site-specific. With its talented resources of architects, designers, interior designers, landscape designers, planners and research team members, JWDA has maintained its reputation for developing top quality, meticulously coordinated and smoothly delivered projects to its global clients over the years. Please visit http://www.jwdainc.com.
About Cannon Constructors South, Inc.
Cannon Constructors, Inc. is a forward thinking general contractor and construction manager specializing in complex and sustainable projects for multi-family, student housing, medical and interior development markets. Founded in 1978, Cannon provides its clients disciplined and experienced personnel operating as a cohesive team, solving problems, organizing information and executing work to the highest of industry standards. Cannon is hands-on, detail oriented and employs efficient professionals who take pride in our work.
SOURCE Capstone Development Partners
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