The CMFA Issues $525,000,000 in Tax-Exempt Debt for the West Village Student Housing Project at UC Davis
The project known as the “West Village Student Housing Project” (the “Series 2018 Project”) will consist, approximately, of a 1,260-unit, 3,279-bed student housing facility and related amenities and improvements, including dedicated surface lot and street parking spots for up to 1,440 vehicles. The site for the construction of the Series 2018 Project (the “Series 2018 Project Site”) is on approximately 49 acres on the campus of UC Davis that will be leased to the Borrower pursuant to a Ground Lease Agreement between The Regents, as ground lessor, and the Borrower, as ground lessee. The Series 2018 Project is intended primarily for undergraduate students. The developer and construction manager for the Series 2018 Project will be University Student Living LLC. Construction of the Series 2018 Project is scheduled to begin in December 2018. The Developer and UC Davis anticipate the Series 2018 Project will have approximately 1,000 beds completed in time for occupancy for Fall 2020 and that the remaining approximately 2,279 beds will be completed in time for Fall 2021 occupancy. The completed Series 2018 Project will be operated, managed and maintained by University Student Living Management, LLC. However, UC Davis Student Housing and Dining Services will retain certain marketing and leasing obligations on behalf of the Series 2018 Project.
The proposed project consists of approximately 1.27 million gross square feet (gsf) of student apartment buildings with a 10,0000 gsf community center and support facilities to serve transfer students and continuing undergraduate students. The buildings would include approximately 3,279 beds within approximately 1,260 student apartment units including bedrooms, kitchens/ dining rooms, bathrooms and living rooms. Units will include a mix of studio, one-, two- and four-bedroom units including both single-occupancy and double-occupancy rooms. Units will range in size from approximately 350 gsf to approximately 1,200 gsf in size.
Vehicle parking would be provided in surface lots and permitted street parking for approximately 1,440 vehicle spaces constructed to the areas both north and south of the project and will be accessible by driveways located off Acer Street, Tilia Street, Jade Street, and Hutchison Drive.
Bicycle parking will be provided at approximately one space per bed, for a total of approximately 3,340 spaces. Spaces will be provided in close proximity to the community center and all apartment buildings with the majority being within the interior courtyards of the main building clusters.