Treanor Architects

Innovative Solutions Begin with Partnership

Balancing the need for more housing with fundraising and other needs in the college’s master plan required creative thinking. Having worked together on a number of projects, Benedictine and Treanor had built a trusted relationship that allowed them to move quickly and be innovative in their approach.

Instead of fundraising or pursuing traditional financing for the project, Benedictine and Treanor Architects created a private development partnership to build the additional housing without an upfront capital investment from the college. While reaping the benefits of private development, this partnership also maintained the collaborative design and construction process that a campus project requires. It was also structured so as not to impact the college’s debt covenant or its ability to borrow for future capital projects. Benedictine leased its land to Treanor’s development group, allowing the firm to finance the project privately.

With funding in place, Treanor then worked with the college to design and build two 4,500 square-foot row houses that triple the capacity of the two previous buildings. The row houses provide modern living spaces that accommodate today’s student lifestyles, yet still feel congruent with the Benedictine campus and other nearby historic buildings. Each house contains three 1,500 square foot four-bedroom units. An operating lease between the college and developer allows the college to lease back the finished houses, and operate and maintain them as part of the campus housing stock. This turnkey solution also provides the college with an option to buy the improved property back at market rates within 5 to 20 years.