Signet Real Estate Group has secured $102m in financing for the University of Kentucky's expansion project in the US.
This Sports Center Garage and Johnson Recreation Center development is a key milestone in the ongoing collaboration between the company and the university.
The project, developed by the group, includes a parking structure covering 1,200 spaces along with a 50,000ft² expansion of the Johnson Recreation Center.
This public-private partnership is crucial for the planned Chandler Hospital expansion and the Healthcare campus of the university.
Construction is underway and is expected to be completed by December 2026.
Upon completion, the Johnson Center expansion is set to feature new areas on the north and south sides of the building, an expanded weightlifting area featuring an outdoor lifting space, a multipurpose activity court, outdoor court areas, and a 60ft-tall climbing wall.
Signet Real Estate Group senior vice-president Spencer Hyatt said: "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 [the university] in supporting their vision for improved quality of life for students, faculty, and the surrounding community."
The project’s development team includes Ross Tarrant Architects and Messer Construction.
RBC Capital Markets arranged the financing on behalf of Signet and the university, with assistance from Frost Brown Todd, Signet Capital, and Baird.
Signet has a portfolio that covers healthcare, student housing, and mixed-use developments and is engaged in the development, management, and financing of real-estate projects.
"Signet secures $102m for University of Kentucky project" was originally created and published by World Construction Network, a GlobalData owned brand.
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