ASU Residence Hall and Entrepreneurial Center

The land on which the Project will be constructed is owned by ASU and ground leased to the Borrower, a single member LLC whose sole member is CFC.  The University will lease the Project Site to the Borrower pursuant to the Ground Lease to enable the Borrower to acquire, construct, equip and operate thereon an approximately 282,400 gross square foot (“gsf”) integrated residential and academic building known as the Downtown Phoenix Residence Hall and Entrepreneurial Center, consisting of (i) approximately 7,100 gsf of utilities, systems and mechanical and support space, (ii) approximately 204,900 gsf of residential space, providing beds for an estimated 532 students, and (iii) approximately 70,400 gsf of academic and entrepreneurial space in the first three floors of the building. This Project will make an immediate and material contribution to the success of ASU’s Downtown Phoenix campus.

The Academic Portion will also be located on the Project Site and will be subject to the Ground Lease. The Academic Portion will be subleased to the University pursuant to a University Lease (the “University Lease”). The funds to pay the costs of acquiring, constructing, furnishing, and equipping the Academic Portion will be paid by the University as prepaid rent pursuant to the University Lease for the use and occupancy of the Academic Portion.