The University of Utah Student Housing

Overview

Deal Type Debt Capital Markets
Size $84.9 Million
Senior Secured Credit Facilities
Client & Transactional Partners The University of Utah
American Campus Communities
Blackstone
Our Role Sole Lead Arranger

Summary

KeyBanc Capital Markets served as Sole Lead Arranger and Administrative Agent on the successful close of $84.9 million Senior Secured Credit Facilities in relation to the University of Utah’s (the University) The Annex Student Housing Project (the Project). 

American Campus Communities has partnered with the University of Utah to develop The Annex, a 1,449-bed, on-campus, first-year student housing project. The Annex broke ground in October 2024 and is expected to deliver in July 2026. The Project is a six-story, 349,342-square-foot residence hall located on the University’s main campus in Salt Lake City. The Project consists of predominantly double-occupancy rooms and suites, consistent with the University’s existing on-campus, first-year housing offerings, along with a 17,000-square-foot 2 campus hub on the first floor to serve students with additional study, social, and recreation areas, and dining. The property is subject to a 75-year ground lease with the University.

B I Deal Disclosure

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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