In November of 2015, Shoreline Community College (SCC) hired Spectrum to create a feasibility study for the creation of a student residential community. Having gained funding in mid-March, 2016 the new student housing project is currently under construction.
To accomplish this, the SCC board needed to approve the COP proposal, including the underlying documentation and feasibility analysis. Spectrum compared two financing alternatives for the development of a prototype 300-bed four-story, wood frame construction apartment-style student housing facility with a typical mix of quad, double and single units. The two financing options analyzed included:
A project financed with the proceeds of a Washington State COP issuance.
A project financed under a tax-exempt bond financing structure through a qualified non-profit organization which acts as the borrower and owner of the project through a ground lease from the college.
After the completion of the feasibility study, Spectrum was hired on as the development manager to oversee the development of a 216-bed student housing facility on the Shoreline community college campus. The Project is currently in the construction phase with a targeted completion of Fall 2019.