On November 30, 2017, Wayne State University and Corvias completed a financial closing that secured $307.5 million in private financing for the development of new construction and the renovation of existing housing at Wayne State University’s campus in Detroit, Michigan.
The initial $307.5 million will be used to pay off $102 million in existing housing debt and fund the continued construction of the new Anthony Wayne Drive Apartments, demolition of the Helen L. DeRoy Apartments, and the renovations to the Chatsworth Apartments. This 40-year partnership agreement will result in the delivery of 841 new beds, 368 renovated beds, enhanced green spaces, new retail offerings, and Corvias’ management and maintenance of the 2,950 existing beds across Wayne State University’s campus. PLDR was privileged to serve as the lead construction counsel in the transaction and congratulates Corvias and Wayne State University on the partnership.
To see the progress with the new Anthony Wayne Drive Apartments, watch this time-lapse video: https://www.youtube.com/watch?v=BX3biMqIcTs.