Student Housing: Campus Crest Gets $30.9M to Build GA, TX Student Housing Properties

Campus Crest at Valdosta, LLC, a subsidiary of Charlotte, NC-based Campus Crest Communities, Inc. has entered into a Construction Loan Agreement with Community & Southern Bank for $13.7 million, which will be used to finance the development of a student housing property in Valdosta, Georgia.

The construction loan matures on October 31, 2013, the interest rate on the construction loan is LIBOR plus 325 basis points with an interest rate floor of 5 percent. and the construction loan agreement contains representations, warranties, covenants and other terms that are customary for construction financing.

Campus Crest at Denton, LP, another subsidiary of Campus Crest Communities, has entered into a construction loan agreement with Amegy Mortgage Company, L.L.C. for approximately $17.2 million. This construction loan will be used to develop a student housing property in Denton, Texas.

The Denton construction loan matures on December 1, 2013, and the interest rate is 5.75 percent.

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