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’s New Baptist Collegiate Ministries Building

CCI Real Estate has successfully secured a substantial $67 million construction loan for an ambitious redevelopment project at the University of Georgia (UGA). This initiative involves revitalizing the existing Baptist Collegiate Ministries (BCM) building, which will now transition to a new location at 290 S Lumpkin St. in Athens, Georgia. The project, aptly named 290 Lumpkin, aims to provide vital multifamily housing, retail opportunities, and community spaces that are integral to the student experience on UGA’s campus.

Collaboration and Project Scope

The redevelopment is being executed in collaboration with the Georgia Baptist Mission Board (GBMB), showcasing a commitment to fostering a supportive, community-oriented environment focused on student wellbeing. CCI’s CEO, Jeff Warwick, highlights that this project aims to offer more than just housing; it strives to create an inclusive space that integrates faith into student life. The project reflects a growing need for diversified living options as UGA’s enrollment continues to rise.

Construction financing for the project is being managed by Affinius Capital, a key sponsor known for funding high-quality student housing initiatives at prominent universities. CCI is working with Lance Thurman of Summerhill CRE for essential capital advisory services to ensure the project aligns with financial viability and community needs.

Features of the New Development

The new eight-story structure will consist of 243 one- and two-bedroom apartments, providing a total of 353 beds for students. It will also include a dedicated parking deck featuring 356 parking spaces, addressing one of the pressing needs on campus. Residents will have access to a variety of amenities such as a rooftop amenity deck, which will serve as a social hub, alongside a student lounge, administrative offices, and ministry spaces that can accommodate over 500 people.

On the ground floor, the development will feature facilities designed for everyday use, including a coffee house and fitness center, alongside other retail options that will enhance shopping and dining experiences for the resident students. By integrating these various elements, the project aims to foster a strong sense of community among students, creating a lively environment conducive to both academic and social interactions.

Project Timeline and Impact

Construction for the 290 Lumpkin project is already underway, with a targeted completion date set for June 2027. New South Construction has been appointed as the general contractor, ensuring that the redevelopment adheres to the highest standards of quality and design. CCI Real Estate’s commitment to modernizing campus life is further evidenced by their simultaneous redevelopment efforts at Georgia Tech in Atlanta and Georgia Southern University in Statesboro, where significant on-campus locations are being transformed into multi-story residential buildings equipped with retail and communal spaces.

These projects come at a crucial moment when UGA’s student population has been growing steadily, adding approximately 500 students annually over the last three decades. This consistent growth underlines the pressing need for more housing options and community spaces that cater to the needs of both current and future students.

As the 290 Lumpkin project progresses, it represents a pivotal shift in how universities approach student housing, positioning UGA as a leader in creating innovative living environments that prioritize the holistic needs of its student body.

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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