Oakland University was established in 1957 when founders Alfred and Matilda Dodge Wilson contributed their historic estate and $2 million to establish a satellite school of Michigan State University. Today, Oakland University stands independently as a world-class institution located on 1,443 acres in Rochester, Michigan. The University currently enrolls more than 20,000 students, boasts nearly 100,000 alumni, and delivers more than 260 degree and certificate programs.
Following a competitive bidding process, Scion was selected to advise Oakland University in the evaluation of student housing P3 proposals for the delivery of a 750-bed, $77 million on-campus residence hall and dining center. Scion reviewed and evaluated proposals prepared a scoring mechanism, participated in shortlisted firm interviews, and prepared a written recommendation for consideration by the University’s Board of Trustees. Scion evaluated proposals for both 100% privately-placed debt and “whole equity” (60% equity with 40% debt secured by and recourse only to the private partner’s balance sheet) financing, with scope ranging from the 750-bed facility ($77M) to the entire 3,100-bed campus housing operation ($140M). Ultimately, based on feedback from the University’s underwriter and Financial Advisor, Scion recommended delivering the project using conventional University financing, and this recommendation was adopted by the Board of Trustees for a Fall 2018 delivery.