SunTrust provides more than $12M in financing for Queens University of Charlotte
SunTrust Banks, Inc. (NYSE: STI) recently provided more than $12 million in financing to support the development of a new student housing facility at Queens University of Charlotte. The financing will also fund various renovation projects to increase on-campus student living options, and repurpose existing space such as storage and office space.
The new 30,000 square foot residence hall will create housing for approximately 120 additional students. Construction began in fall 2018, and the dormitory is expected to be completed in August 2019 ahead of the new school year. The university’s existing housing is at 100 percent occupancy.
“On-campus living provides an enriched learning experience for our students and we are dedicated to delivering on their expectations,” said Queens University of Charlotte President Pamela Davies. “We are thrilled to be able to offer outstanding student housing options with this new residence hall.”
This financing agreement marks SunTrust’s third transaction with the university over the last year. The first was a $10 million working capital line of credit, which closed in March 2018. The second transaction closed in September 2018 and provided a $15 million bridge loan to support renovations to the Fine Arts Center and other campus facilities.
“Queens University of Charlotte strives to provide the feeling of a close-knit community within the heart of a fast-growing metropolitan area,” said Rob Garofalo, first vice president and relationship manager for SunTrust Bank. “We’re proud to support them as they work to bring this vision to life for all students, and look forward to supporting the university as they continue to grow.”
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2018, SunTrust had total assets of $216 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
Queens University is a private, co-educational university located in Charlotte, N.C. The university serves more than 2,500 students with 43 major and 66 minor undergraduate degree options and 12 graduate degrees. Students represent 44 states and 49 foreign countries. As part of the university’s vision to promote educational experiences that nurture intellectual curiosity and promote global understanding, nearly three-quarters of students participate in study abroad experiences and 100 percent take part in internships. The U.S. News & World Report ranked Queens 18th among regional universities in the south in its 2019 edition of Best Colleges.