Auburn, Ala., and Orono, Maine — Both student housing projects will be delivered by the 2012-2013 academic year.
Auburn, Ala., and Orono, Maine — Campus Crest Communities, Inc., a developer, builder, owner and manager of student housing under The Grove brand, will develop two properties for delivery in the 2012-2013 academic year totaling project costs of $51.6 million. The company is developing wholly owned properties at Auburn University in Auburn and at the University of Maine in Orono. The Auburn property will include 216 units with 600 beds. Costs are approximately $26.3 million and will be partially funded with a $16.3 million construction loan, which was recently closed with Compass Bank. Meanwhile, the Orono property will include 188 units with 620 beds, located one-half mile from the University of Maine. The $25.3 million construction costs will be partially funded with a $15.2 million construction loan that was recently closed with Toronto Dominion Bank. Both developments will feature furnished units with bed-bath parity, high-end amenities including a resort-style swimming pool, a game room, a fitness center and a library.