This would be unremarkable were our work focused on modest expansion or renovation of existing housing operations or on generic consulting. Rather, we have a long track record of advising non-profit institutions on major and significant changes, often including adding housing for populations that have never been served (e.g. upper-class undergraduates, professional students, students with dependents), employing new and innovative financing and ownership methods, and building and pricing to a level of quality that has rarely existed in student housing. A few examples of our success include:
Scion performed business planning, market research and financial due diligence that helped three separate universities come together to build a new $150 million, 1,720 bed facility. Challenges included obtaining financing with little or no institutional support, introducing unit types and pricing far beyond what existed in the market and combining the diverse missions of three institutions into one massive facility. The facility obtained an investment-grade debt rating, was completed on time and under budget, opened to 100% occupancy in Fall 2004 and was over 100% occupied in Fall 2005.
Scion assisted an elite, private school known for its architecture and engineering programs to design, finance and market its first new on-campus housing in over 40 years. Challenges included obtaining off-balance sheet and off-credit financing while creating a design worthy of a campus of primarily landmark buildings, as well as marketing a product priced 40% higher than other on-campus housing. Scion performed market research and financial due diligence, created the "brand" and marketing image of the building and performed leasing/marketing directly to students. The 360-bed facility opened successfully in Fall 2003.
Scion performed business planning, market research and financial due diligence that assisted a major public university to finance and build its first-ever off-credit student housing, located approximately one mile from most on-campus student housing. Scion's work helped convince the design team to add in-unit spaciousness and amenities to balance the relatively distant location. The project was successfully financed with approximately $60 million of tax-exempt debt and, despite being among the most expensive on-campus options, was pre-leased to 100% occupancy when it opened in Fall 2005.
Scion performed operations review and market analysis that assisted the urban branch of a major state university system to refinance a financially troubled project with investment grade debt. Opened in phases over the past five years, the 1,600-bed project had been troubled by construction quality and customer-service issues. At the request of the project's underwriter, Scion was retained in 2005 to assess problems and offer a concise plan for future operations. Management accepted Scion's recommendations and the property's $90 million refinancing was successfully completed.
