Developer Duo Obtain Construction Financing for $147M Spelman/Morehouse Student Housing
Radnor Property Group and the Madrone Community Development Foundation have closed on financing needed for a $147 million, 305-unit, 793-bed student housing development in Atlanta. Multihousing News reports construction has begun, and the community is slated to be ready by fall of 2028 for students at Spelman and Morehouse colleges.
The sale of approximately $146.8 million in tax-exempt and taxable bonds issued by the Development Authority of Fulton County was completed earlier this month. Morehouse and Spelman colleges entered into a 50-year lease agreement with Madrone as part of the development team for the project.
The development team includes Radnor Property Group as lead development partner, Clark Construction and CD Moody Construction in a joint venture as construction manager, Moody Nolan as architect and Pape-Dawson as civil engineer.
Raymond James, along with Loop Capital Markets, served as underwriter for the bond financing. Rents will be about $1,200 per bed per month for the students’ new digs.
