In November of 2015, Shoreline Community College (SCC) hired Spectrum to create a feasibility study for the creation of a student residential community. Urgency to complete this study was driven by SCC’s desire to submit for Washington State Certificate of Participation (COP) funding in mid-March, 2016.
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 projected 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 220-bed student housing facility on the Shoreline community college campus. The Project is currently in the pre-development phase.