MassDevelopment has issued a $132,185,000 tax-exempt bond to help build, furnish and equip a five-story, 306,900-square-foot residence hall at the University of Massachusetts Dartmouth.
The new facility, which will house approximately 1,210, mostly first-year students, will include a dining hall and space for student activities and academic support. The residence hall will replace an existing dormitory, built in the 1970s, which the university will demolish once the new facility is opened.
The bond was issued on behalf of Provident Commonwealth Education Resources II Inc., a public-private partnership, according to a news release.
PCER is a nonprofit corporation created by Provident Resources Group Inc., the University of Massachusetts Building Authority, and Greystar GEDR Development LLC. PCER will enter into a long-term ground lease with UMBA for the land on which the building will be located, and will finance, construct, own, and operate the dormitory. The university will participate in the management and operation of the dormitory through its participation on the Project Operations Committee and through its residential life programs. Once PCER’s ground lease expires, ownership will revert to UMBA for the benefit of UMD.
“Our students will benefit from these investments in quality living and learning facilities that will prepare them to succeed in a rapidly changing, highly competitive global economy,” said UMass Dartmouth Chancellor Robert E. Johnson in a statement. “When combined with our first-rate faculty, these facilities will guarantee our students the private college educational experience and public university value they so deserve.”