Scion collaborated with the Educational Advancement Fund, Inc. (a non-profit venture of Columbia College, DePaul University and Roosevelt University) to perform all feasibility, financial and implementation planning required to develop a new, jointly-owned student housing community in Chicago’s burgeoning downtown South Loop area.
One of the largest and most complex urban student housing projects ever undertaken, the 725,000-square-foot University Center of Chicago was built at a cost of $150 million. Further, the project’s three-school nature and its unique off-balance sheet and indirect credit financing required substantial documentation of demand and financial due diligence. The facility provides state-of-the-art urban student housing design and includes amenities and technology that not only support students’ academic endeavors but also build a sense of community. The ground floor houses 30,000 square feet of street-level retail space. The project also includes a fitness center, 20,000 square foot food court, and 15,000 square foot conference center.
The Scion Group provided all financial and operational due diligence, including market and demand studies, program development, financial analysis, and business planning. Scion served as the owner’s representative during design and construction and as co-manager during its first three years of operation. Scion’s due diligence was successful in securing investment grade-rated non-recourse debt and was included in the publicly offered bond documents. The project was successfully financed with over $350 million of orders for the $150 million bond issue which sold out in a few hours.
The facility opened on time and under budget at 100% occupancy and has garnered national recognition for its size, complexity, and unique, multi-institutional nature.