DALLAS--(BUSINESS WIRE)--Balfour Beatty, an infrastructure group operating in construction services, infrastructure investments, professional and support services, announced it has reached financial close on a new student housing project at Texas A&M University’s main campus in College Station, Texas. Balfour Beatty Campus Solutions, a developer and operator of infrastructure projects for the college and university market, is the lead developer and Balfour Beatty Construction, based in Dallas, is the design/build partner on the project.
The development, phase one of two planned phases, will feature 1,274 beds configured in apartment designs, as well as community areas that will house residence life offices and other amenities for the University’s undergraduate population. Construction activity is expected to commence immediately and the project will open for occupancy in August 2015.
The project scope, developed through a Public-Private Partnership on a long-term ground lease with the University, includes the design, construction and financing for the new west campus facility. Texas A&M University Housing and Residence Life will manage the facility upon completion. Balfour Beatty Investments was integral in facilitating the issuance of approximately $104 million in tax-exempt bonds which will fund the total cost of the project. RBC Capital Markets served as the underwriter for the issuance of the bonds for this project.
Jim Short, senior vice president for Balfour Beatty Campus Solutions said, “This is an exciting project that harnesses the significant capabilities of both Balfour Beatty’s Investments and Construction teams to deliver a creative development and financing solution that meets the University’s specific goals. We’ve worked closely with University representatives and are very pleased with the ultimate design which will result in an exceptional living environment for the students at Texas A&M.”
About Balfour Beatty Campus Solutions
Balfour Beatty Campus Solutions, LLC provides development, asset/property management, and other real estate services to colleges, universities, and their affiliated entities with a special focus on projects utilizing a Public-Private Partnership model. The company offers an alternative solution for higher education institutions to finance and execute their necessary capital plans, including academic facilities for faculty, classrooms and labs, athletic spaces, wellness centers and student housing.
Balfour Beatty Campus Solutions is part of Balfour Beatty Investments, Inc. a global company focused on financing and operating the vital assets that enable societies and economies to grow: roads and railways, tunnels and bridges, health and education facilities, power and water systems, places to live and places to work—the infrastructure that underpins progress. Balfour Beatty Investments is a division of Balfour Beatty plc, an international infrastructure group operating in construction services, professional services, support services and infrastructure investments.
About Balfour Beatty Construction
An industry leader for more than 80 years, Balfour Beatty Construction Services US provides general contracting, at-risk construction management, and design-build services for a wide variety of markets, serving clients in both the public and private sector. With more than 3,000 employees across the U.S., the company has been cited as a Top 10 Domestic Building Contractor and Top 10 Green Builder by Engineering News-Record. The company is part of London-based Balfour Beatty plc, a global infrastructure services business operating in more than 80 countries, with a worldwide commitment to providing assets that help societies function, develop, and thrive. To learn more about the company, visit www.balfourbeattyus.com or look for BalfourBeattyUS on Facebook, Twitter, and LinkedIn.