Housing Master Plan Housing Development Advisory Services Housing Implementation Advisory Services
In fall 2019, Lynn engaged B&D to develop a housing master plan to respond to the recent enrollment growth the University experienced in recent years. However, it was determined early in B&D’s assessment that the need for more on-campus housing was so great that Lynn needed to prioritize adding new beds to campus as soon as possible. As a result, B&D led the university through a solicitation and selection of a development partner to design, build, finance, operate, and maintain a new housing asset (“Phase 1”) on Lynn’s campus. Upon selection of a development partner, B&D advised Lynn through the predevelopment and development processes of the new asset, which included the negotiation of multiple legal agreements, design oversight, and operations and financial advisory that led to a financial close in spring 2021. Once financial close was achieved, B&D led Lynn through the construction process with its development partner for an on-time and on-budget delivery of Phase 1 in August 2022. Phase 1 achieved 100% occupancy in the lease-up process prior to the move-in process.
With the success of Phase 1, Lynn turned its attention to completing the Housing Master Plan (“HMP”) that incorporated Phase 1. The Housing Master Plan outlined several phases of upgrades to Lynn’s on-campus housing portfolio, including the addition of over 1,080 net new beds through both University-financed and third-party-financed projects. The HMP included the designation of Lynn’s southern precinct of housing as an upper-division “neighborhood”, which created the opportunity for Lynn to explore a “P3 Precinct” that would incorporate all upper-division housing assets under the ownership and management of its P3 owner. Utilizing the flexibility provided by the P3 structure, the last phases of the HMP incorporated the reinvestment of several of Lynn’s existing assets to enhance the residential experience across Lynn’s entire portfolio.
Through B&D’s housing advisory services, Lynn University was able to develop a strategic housing strategy that immediately addressed the university’s need for new beds, provided the university financial flexibility, and outlined reinvestment opportunities in existing assets. Specifically for Lynn, B&D assessed market conditions, developed implementable recommendations, and advised the university through the development of a Phase 1.