Balfour Beatty Campus Solutions reaches FC for second phase of Student Housing project in Iowa

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Balfour Beatty Campus Solutions reaches FC for second phase of Student Housing project in Iowa

Balfour Beatty Campus Solutions LLC has reached financial close on the second phase of a new student housing project at the University of Iowa.

In this $34.5 million second phase of the Public-Private Partnership, the Balfour Beatty team will deliver 252 new units at the University's main campus in Iowa City. The new development, which will primarily target the University's more than 9,500 graduate students, is scheduled to break ground in June for delivery in August of 2016.

The new housing will consist of one and two-bedroom layouts configured in three, four-story buildings totaling 250,578 square feet. The residents will enjoy the use of a separate one-story community center totaling 5,400 square feet, provided as part of the Phase 1 development, which houses the property management offices and common spaces for resident use, including a fitness center, laundry facility, multipurpose space and access to the campus shuttle service. The new housing will replace 180 units of the Hawkeye Court complex built in the 1960's.

The project is being designed by Solomon Cordwell Buenz and Associates and will be built by Balfour Beatty Construction. Balfour Beatty Communities will operate and maintain the completed property and continue the successful governance committee with Iowa which ensures alignment of operational policies. Iowa will assist in marketing the expanded project and the provision of security services.

Balfour Beatty has secured a 41-year ground lease with the University to develop the project and has arranged financing through a loan issued by Wells Fargo Bank as well as Balfour Beatty equity.

Bob Shepko, president of Balfour Beatty Campus Solutions

"The first phase of housing delivered by the Balfour Beatty team in 2014 has been extremely well-received by the graduate student population. We are very pleased to continue this successful relationship with the University of Iowa and move forward with this second phase of housing development that will continue to greatly enhance their on-campus living experience."

List of country news

Country news

  • May 27, 2015

    IFM Investors completes acquisition of Indiana toll road

    IFM Global Infrastructure Fund (IFM Investors) has completed the acquisition of 100 percent of the equity in the Indiana Toll Road Concession Company, LLC (ITRCC), which operates the Indiana Toll Road. Read more
  • June 01, 2015

    LaGuardia Gateway Partners selected as PB for LaGuardia airport P3

    The team beat out competition from two other shortlisted teams: LGAlliance and LGA Central Terminal Consortium. The wining team is comprised of Vantage Airport Group, Skanska and Meridiam for development and equity investment; Skanska and Walsh Construction as the construction joint venture; HOK and Parsons Brinckerhoff as the design joint venture; and Vantage Airport Group for management of the operations. Read more
  • June 03, 2015

    Competitive Power Ventures closes investment transaction with Global Infrastructure Partners

    Global Infrastructure Partners (GIP) has completed the acquisition of Competitive Power Ventures (CPV)'s principal assets including the operating company. Read more
  • June 04, 2015

    Fengate Capital Management launches new US$180 M infrastructure fund

    Fengate Capital Management has launched a new US$180 million infrastructure fund with Korean institutional investors, which will be focused in Canada and the United States. Read more
  • June 09, 2015

    Illinois removes Illiana Expressway from multi-year plan

    Two tender processes are currently halted for investors as a result of this decision. The other part of the Illiana Expressway P3 (Indiana portion) was suspended last February. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.