The Mission

Provide turnkey development and financing services for a three-phase, 252-bed student housing program. Our experienced development team assessed and made recommendations to meet Centenary College’s objective of being able to capitalize the project to align with the college’s current financial covenants and projected future revenue.

The Solution

After analyzing several capitalization approaches, we recommended a low cost program using tax-exempt bond financing. Our experience in financing similar transactions made for a seamless procurement of funds so that the project could begin on a fast track delivery process. We delivered the first residence (Bennett-Smith Hall) in under one year from project approval to occupancy, while the second residence hall (Founders Hall), was completed shortly thereafter. The Reeves Student Recreation Center was also renovated and expanded in just five months after demolition of the old facility was completed.

Following the successful turnkey delivery of Phase I, we continued our partnership with Centenary by assisting with the creation, negotiation and adoption of a new ordinance allowing the college a conditional permitted use in a single-family residential zone, and enabling it to more readily realize its recently created campus master plan, which included another dormitory and a student recreation center.

The Details

Centenary College wanted to be able to outsource day-to-day project operations. We managed the project from design to approvals to occupancy, using our proven development process and single-source of responsibility to guarantee the schedule and budget. The comprehensive communications program we put in place ensured that the college’s expectations were met every step of the way.

 

“We are delighted with professionalism and quality of work provided by Gilbane…Gilbane was responsive to our concerns every step of the way. The assignment had many significant challenges, including the entitlement process…Gilbane anticipated the college’s needs and project requirements and was proactive in providing solutions.”– Barry Cohen, Former VP, CFO at Centenary College