Signet Real Estate Group Secures Funding for Campus Expansion
Signet Real Estate Group's Major Financing Achievement
Signet Real Estate Group is thrilled to announce the successful closing of $102 million in financing for the University of Kentucky's Sports Center Garage and the Johnson Recreation Center expansion. This accomplishment further solidifies the long-standing collaboration between Signet and the University, marking a significant milestone in their joint efforts.
Project Overview and Features
The development spearheaded by Signet features a comprehensive 1,200-space parking garage coupled with a substantial 50,000 square foot expansion of the Johnson Recreation Center. This enhancement aims to significantly improve the campus infrastructure and elevate student amenities, laying the foundation for future developments such as the planned Chandler Hospital expansion project and healthcare campus.
Current Status and Expectations
Construction for the project is actively underway, with completion anticipated by December 2026. The expansion will introduce multiple new spaces on both the north and south sides of the Johnson Center.
New Facilities to Enhance Student Experience
Upon completion, the Johnson Center expansion will feature cutting-edge facilities designed for versatility and user experience. Some key additions include:
- A multi-purpose activity court for various sports and events,
- An expanded weightlifting area, complete with an outdoor lifting space,
- Dedicated outdoor court areas for recreational activities,
- A remarkable 60-foot-tall climbing wall accompanied by a dedicated bouldering section.
Community Commitment
Spencer Hyatt, Senior Vice President of Signet Real Estate Group, articulated the company's commitment to enhancing institutional infrastructure: "This project exemplifies our commitment to providing distinctive and impactful development solutions tailored to the evolving needs of institutions like the University of Kentucky. We are proud and grateful to continue our partnership with UK in supporting their vision for improved quality of life for students, faculty, and the surrounding community."
The Development Team
The success of this ambitious project is attributed to an exceptional development team, which includes Messer Construction and Ross Tarrant Architects. RBC Capital Markets played a pivotal role in arranging the financing on behalf of both the University and Signet Real Estate Group, with support from Signet Capital, Frost Brown Todd, and Baird.
About Signet Real Estate Group
Signet Real Estate Group stands at the forefront of development, management, and financing of transformative real estate projects. With an expansive portfolio that includes student housing, healthcare facilities, and mixed-use developments, Signet is deeply committed to enriching communities and delivering exceptional value to its partners and residents.
Frequently Asked Questions
What are the main components of the project?
The project involves a 1,200-space parking structure and an expansion of the Johnson Recreation Center by 50,000 square feet.
When is the expected completion date?
The project is expected to be completed by December 2026.
What new facilities will be included in the Johnson Center expansion?
New facilities will include a multi-purpose activity court, expanded weightlifting areas, outdoor courts, and a climbing wall.
Who is participating in the development team?
The development team includes Messer Construction and Ross Tarrant Architects.
What is the focus of Signet Real Estate Group?
Signet Real Estate Group focuses on development, management, and financing of transformative real estate projects across diverse sectors.
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