It will be constructed in a lodge style that, as the developer describes, “is a unique blend of urban infill and English Tudor architecture.” Parking will be located behind the buildings, and parks and community spaces will be spread across the grounds to encourage students to gather. Amenities will include a clubhouse that features a study room, a fitness center, a tanning salon and a resort-style spa. Outdoors will be a heated pool, a plaza with a fountain, and volleyball and bocce courts. The Lodges of East Lansing is expected to be open to students by fall 2011.
Capstone’s in-house construction division, Cottage Builders, will serve as construction manager for the project. Other members of the team include Grand Rapids, Mich.-based Wolverine Building Group and Birmingham-based Dungan-Nequette Architects. Upon completion, Capstone Properties will lease and manage the property. Construction financing consisted of a senior construction loan from Birmingham-based BBVA Compass and a mezzanine loan from Tampa, Fla.-based Seminole Financial Services.
Article originally published on studenthousingbusiness.com.