Northland Community & Technical College: Thief River Falls, Minnesota
Northland Community & Technical College engaged ORB Management as their third party development partner to assist with delivery of on-campus student housing. As their developer, we were responsible for providing a sound, affordable student housing solution that meets current shortages as well as creates an opportunity for future demand.
Recently, MN State secured a $1.1 million grant and requested proposals from qualified developers to provide on-campus student housing in Thief River Falls. Existing market conditions and the scope of the project created challenges and barriers that were insurmountable for most private developers. At ORB, we pursued a different approach – purchase the existing HRA Foxtail Townhouse development located directly north of the campus and reposition it as a student housing development that would be owned by the NCTC Foundation.
ORB was the successful recipient of the grant. Upon award, we negotiated the purchase of the HRA asset on behalf of the NCTC Foundation; secured a student housing property management consultant; solicited proposals from local financial institutions for the project’s financing. The initial financing package was not for a tax-exempt entity. We collaborated with the City, financial institution and Foundation to secure tax-exempt financing which allowed the overall project cost to increase 24% without an increase in the original monthly payment amount anticipated.
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