Coastal Carolina Expands Student Housing through JEDA Bond Funding
CONWAY, SC – Bond financing facilitated by the South Carolina Jobs-Economic Development Authority (JEDA) has helped Coastal Carolina University (CCU) expand its housing options for students at the growing institution.
The $51.9 million in tax-exempt student housing revenue bonds and another $145,000 in taxable bonds secured for Coastal Housing Foundation LLC were used to purchase the former Campus Edge apartment complex near the Conway campus. The 1,092-bed complex was joined with another apartment complex the 8,500-student school already owned to form the 46-building University Place, providing much-needed, student-only housing.
"It's a well-established fact that living in university-controlled housing increases retention rates, and thus the chances that a student will graduate. Bond funding at favorable rates and terms such as that possible through JEDA is essential to us meeting that critical need," said CCU President David A. DeCenzo.
Timing was particularly important in this bond issue. JEDA received the financing schedule in July 2009 and was asked to facilitate a close by the end of the year. The closing was Dec. 30.
"This was probably the best-orchestrated collaboration that I have been involved in. Special appreciation for meeting this tight schedule goes to JEDA, the Budget and Control Board, the State Treasurer's Office, the CCU Board of Trustees, our Student Housing Foundation Board and the Management Board of the Coastal Housing Foundation," said Stan R. Godshall, the housing foundation's executive director.
"Coastal Carolina University is an essential element in helping the Grand Strand and all of South Carolina provide the educational foundation our state needs to adapt and thrive to new economic and social realities. We're excited to play some role in this venture," said William M. Musser, bond counsel with the McNair Law Firm in Columbia.
"These are the kinds of projects for which JEDA was created – helping our key institutions find innovative ways to finance and execute plans crucial to meeting their mission," said Harry Huntley, executive director of JEDA in Columbia.