CCI Real Estate Secures $67 Million Loan for UGA Redevelopment

News Summary

CCI Real Estate has secured a $67 million loan to redevelop the Baptist Collegiate Ministries building at the University of Georgia. The project, known as ‘290 Lumpkin’, aims to enhance campus life by providing multifamily housing and community spaces for students. With partnerships involving the Georgia Baptist Mission Board and significant amenities, the initiative addresses the growing housing demand at UGA, aiming for completion by June 2027.

CCI Real Estate Secures $67 Million Loan for University of Georgia Redevelopment

CCI Real Estate has successfully closed a construction loan worth $67 million aimed at redeveloping the Baptist Collegiate Ministries (BCM) building at the University of Georgia (UGA). This redevelopment initiative, dubbed “290 Lumpkin,” is set to transform the existing site into a multi-faceted space for students, located in the heart of Athens, Georgia.

Multifunctional Development to Benefit Students

The ambitious redevelopment project is being carried out in collaboration with the Georgia Baptist Mission Board (GBMB). The core vision behind this new undertaking centers around creating a space that will provide not only multifamily housing but also retail and gathering spaces that cater specifically to UGA students. The intended outcome is to foster a sense of community while supporting students’ needs in a holistic manner, incorporating a faith-based focus into the living environment.

Financial Backing and Resources

For this undertaking, CCI Real Estate has enlisted the services of Lance Thurman from Summerhill CRE for capital advisory. In addition, Affinius Capital has been secured to provide the necessary construction financing. Affinius Capital is recognized as a vital player in financing high-quality student housing projects at major universities, which is instrumental for the success of this initiative.

New Home for BCM and Student Housing

The BCM, which has been an integral part of UGA since its inception in 1961, is currently situated at 450 S Lumpkin St. The new facility at 290 S Lumpkin St will mark an evolution in its offerings, featuring an eight-story building that provides a mix of 243 one- and two-bedroom apartments totaling 353 beds. This modern living space is designed to meet the growing housing demand sparked by UGA’s increasing enrollment numbers, which have added an average of about 500 students annually for the past three decades.

Enhanced Facilities and Parking Spaces

In addition to residential units, the new development will include a convenient parking deck comprising 356 spaces. Students will enjoy a range of amenities, including a rooftop amenity deck, a comfortable student lounge, private offices, and ministry spaces designed to accommodate over 500 people. The project also aims to enrich the student experience with improved retail options on the street level, offering facilities such as a coffee house and a fitness center.

Construction Timeline and General Contractor

Construction work has already commenced, with projections indicating completion by June 2027. New South Construction has been selected as the general contractor for this project, ensuring that development is managed efficiently and to a high standard throughout the building phase.

Broader Redevelopment Efforts

CCI Real Estate’s endeavors are not limited to the University of Georgia. The company is also actively engaged in similar redevelopment projects for BCM facilities located at Georgia Tech in Atlanta and Georgia Southern University in Statesboro. Each of these initiatives focuses on transforming significant on-campus locations into multi-story residential spaces that promote resident engagement and community interaction.

As the demand for housing continues to grow in tandem with an increase in student population, projects like 290 Lumpkin are essential in providing adequate housing solutions while enhancing the overall student experience at major universities.

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Additional Resources

• The Red & Black: UGA BCM Redevelopment
• Wikipedia: University of Georgia
• Online Athens: UGA Leases Land for Student Housing
• Google Search: University of Georgia housing projects
• Commercial Observer: Georgia Luxury Student Housing
• Encyclopedia Britannica: Student Housing
• Flagpole: Why Housing Costs So Much
• Google News: Student Housing UGA