Latest news with #Corvias
Wall Street Journal
01-08-2025
- Business
- Wall Street Journal
Georgia University System Can't Move Dorm Operator's Bankruptcy Case From Delaware
A bankruptcy judge denied the University System of Georgia's request to transfer the chapter 11 case of its student housing operating partner to Georgia from Delaware. Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Wilmington, Del., said in her bench ruling on Thursday that Delaware is the proper venue for the chapter 11 filing of the Georgia subsidiary of military and student housing company Corvias because of the unit's incorporation in Delaware.
Yahoo
02-07-2025
- Business
- Yahoo
CCL USG Takes Action to Restructure Student Housing Partnership
Remains Committed to Delivering Award-Winning Housing Experience for Students WARWICK, R.I., June 25, 2025 /PRNewswire/ -- Corvias Campus Living – USG, LLC ("CCL USG"), the project-specific concessionaire and manager of a portfolio of student housing properties as part of a public-private partnership with the University System of Georgia ("USG"), today announced that, following extensive, multi-year efforts to make the program with USG's Board of Regents ("BOR") financially viable, it has commenced a Chapter 11 process to restructure the partnership and achieve a long-term solution for the program. CCL USG remains committed to delivering an award-winning housing experience for students throughout the process. Today's action pertains only to the single-purpose entity, CCL USG. No other entity is included in the proceedings, and all Corvias businesses are operating as usual. Over the past decade, CCL USG has been a dedicated and responsible steward of a student housing program at USG, serving as a steadfast partner to the BOR. Through the partnership, CCL USG is responsible for certain student housing facilities at nine Georgia campuses. It is proud to have been recognized recently for the outstanding quality of its student housing management at these campuses as part of the SatisFacts Community Award for 2024. As currently structured, this student housing program is no longer sustainable. The operating landscape has shifted dramatically since the partnership was formed and, in response, CCL USG has gone above and beyond its contractual requirements – even forgoing its management fee for all but two months over the past five years. The impact of COVID, an escalating cost environment, and lower-than-expected housing revenue and student occupancy across Georgia's University System, among other factors, have left this student housing program operating at a significant loss. Despite previous attempts led by CCL USG to work collaboratively on a solution that would make the partnership viable now and into the future, progress has not been made. CCL USG is now turning to a proven legal process with the objective of returning this student housing program to financial viability through constructive engagement with the BOR and holders of notes issued by CCL USG in connection with the project's 2015 launch. CCL USG takes its commitment to USG students seriously, viewing the restructuring process as the best way to drive toward a long-term solution while protecting and maintaining this USG program for the benefit of the residents who rely on CCL USG to deliver an exceptional student housing experience. While the process moves forward, CCL USG plans to provide the same high-quality operations and maintenance services. The program intends to meet its go-forward obligations to employees, vendors, and other partners utilizing cash on hand, subject to approval as part of the process. Additional information about the proceedings filed in the U.S. Bankruptcy Court for the District of Delaware is available at Morris, Nichols, Arsht & Tunnell LLP is serving as legal advisor and CohnReznick Advisory LLC is serving as financial advisor to CCL USG. About Corvias Campus Living – USG, LLC Corvias Campus Living – USG, LLC is a single-purpose entity that operates and manages certain student housing properties at nine USG campuses: Abraham Baldwin Agricultural College; Georgia Southern University – Armstrong Campus; Augusta University; College of Coastal Georgia; Columbus State University; Dalton State College; East Georgia State College; Georgia State University; and University of North Georgia. Media Contact: Kekst CNC CCLUSGMedia@ View original content: SOURCE CCL USG Sign in to access your portfolio
Yahoo
02-07-2025
- Business
- Yahoo
Corvias' Georgia student housing LLC files for bankruptcy
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Corvias Campus Living – USG, the project-specific concessionaire and manager of a portfolio of student housing properties as part of a public-private partnership with the University System of Georgia, announced last week it has commenced a Chapter 11 process, according to a news release. The Warwick, Rhode Island-based student housing operator said the decision came after 'extensive, multi-year efforts to make the program with USG's Board of Regents financially viable,' and the bankruptcy decision was an effort 'to restructure the partnership and achieve a long-term solution for the program,' according to the release. Corvias' student operation is part of a larger company that provides military housing, energy management, construction and design services, asset management and financing. The bankruptcy pertains only to CCL-USG. 'No other entity is included in the proceedings, and all Corvias businesses are operating as usual,' the company said in the release. CCL-USG operates student housing properties at nine USG campuses, including: Abraham Baldwin Agricultural College. Armstrong Campus of Georgia Southern University. Augusta University. College of Coastal Georgia. Columbus State University. Dalton State College. East Georgia State College. Georgia State University. University of North Georgia. In the release, CCL-USG said the student housing program in Georgia was 'no longer sustainable' as currently structured. The University System of Georgia didn't reply to Multifamily Dive's request for comment. 'The operating landscape has shifted dramatically since the partnership was formed and, in response, CCL-USG has gone above and beyond its contractual requirements — even forgoing its management fee for all but two months over the past five years,' Corvias said in the release. The firm pointed to the impact of COVID-19, an escalating cost environment and lower-than-expected housing revenue and student occupancy across Georgia's University System as reasons the student program was operating at a significant loss. 'Despite previous attempts led by CCL-USG to work collaboratively on a solution that would make the partnership viable now and into the future, progress has not been made,' Corvias said in the release. CCL-USG said it views restructuring as the 'best way to drive toward a long-term solution while protecting and maintaining' the program for the benefit of the residents who rely on the firm. 'CCL-USG is now turning to a proven legal process with the objective of returning this student housing program to financial viability through constructive engagement with the BOR and holders of notes issued by CCL-USG in connection with the project's 2015 launch,' the firm said in the release. Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Sign in to access your portfolio
Business Wire
05-06-2025
- Business
- Business Wire
Army, Corvias Leaders Tour Fort Meade Installation Improvements
FORT MEADE, Md.--(BUSINESS WIRE)--Officials from the Office of the Deputy Assistant Secretary of the Army for Installations, Housing and Partnerships and Corvias toured Fort Meade on May 22 to inspect ongoing Corvias-led improvements to military housing on the installation. For more than 25 years, Corvias has partnered with the Army to deliver resilient, future-ready infrastructure that supports mission success, promotes wellness, and builds strong communities. At Fort Meade, that partnership is now accelerating upgrades that include interior housing renovations, energy efficiency upgrades, and indoor environmental quality enhancements. 'Our responsibility is to ensure the Army's installation infrastructure is positioned to support readiness, resilience, and long-term sustainability,' said David Dentino, Deputy Assistant Secretary of the Army for Installations, Housing, and Partnerships. 'That means driving policies and partnerships that modernize housing, improve energy security, and strengthen our ability to adapt to future needs. By leveraging private-sector expertise, we can deliver better outcomes for Soldiers and their families, while stewarding resources wisely and efficiently.' Nearly all of Fort Meade's approximately 3,000 homes will be touched by one of three key improvement initiatives – all of which are on-time or ahead of schedule: Project Homestead – A renovation-based development plan focused on improving neighborhoods – particularly older homes – to ensure they meet resident needs. Upgrades include modernized kitchens and bathrooms, new appliances, upgraded lighting and plumbing fixtures, new flooring, and reconfigured floor plans. Energy Upgrades – More than 50% of Fort Meade's family housing will receive advanced energy systems, including the replacement of aging HVAC and hot water systems with high-efficiency ground source heat pumps. Wellness at Home – An expansion of indoor wellness-focused enhancements to family housing, including water filtration, air purification, humidity control, and circadian lighting to support occupant health and readiness. The $163 million investment began in January 2025 and is scheduled to continue through 2029. During the visit, leaders reviewed renovations, installations, and geothermal drilling—marking visible momentum in support of Army infrastructure goals. 'We're building the installation of the future by aligning with the Army's priorities and investing in what truly matters – resilience, readiness, and quality of life,' said Denise Hauck, Corvias Department of Defense President. 'Through smart infrastructure, energy diversification, and wellness-centered design, we're creating environments that not only support today's Soldiers and their families but are ready for tomorrow's missions. Our holistic, forward-looking approach ensures each installation is a stable, sustainable platform for Army success.' About Corvias Corvias partners with the Department of Defense and higher education institutions to solve infrastructure and energy resiliency challenges and to create long-term, sustainable value through our unique Solutions Through Partnerships ® approach. Corvias partnerships enhance the well-being in our communities, including at the largest renewable energy project in Kansas and at resiliency projects nationwide. Our more than 72,000 residents consistently highly rank the courtesy and professionalism of our maintenance and leasing personnel. To learn more, please visit:
Yahoo
05-06-2025
- Business
- Yahoo
Army, Corvias Leaders Tour Fort Meade Installation Improvements
Partnership ahead of schedule delivering renovations, energy and indoor environment upgrades FORT MEADE, Md., June 05, 2025--(BUSINESS WIRE)--Officials from the Office of the Deputy Assistant Secretary of the Army for Installations, Housing and Partnerships and Corvias toured Fort Meade on May 22 to inspect ongoing Corvias-led improvements to military housing on the installation. For more than 25 years, Corvias has partnered with the Army to deliver resilient, future-ready infrastructure that supports mission success, promotes wellness, and builds strong communities. At Fort Meade, that partnership is now accelerating upgrades that include interior housing renovations, energy efficiency upgrades, and indoor environmental quality enhancements. "Our responsibility is to ensure the Army's installation infrastructure is positioned to support readiness, resilience, and long-term sustainability," said David Dentino, Deputy Assistant Secretary of the Army for Installations, Housing, and Partnerships. "That means driving policies and partnerships that modernize housing, improve energy security, and strengthen our ability to adapt to future needs. By leveraging private-sector expertise, we can deliver better outcomes for Soldiers and their families, while stewarding resources wisely and efficiently." Nearly all of Fort Meade's approximately 3,000 homes will be touched by one of three key improvement initiatives – all of which are on-time or ahead of schedule: Project Homestead – A renovation-based development plan focused on improving neighborhoods – particularly older homes – to ensure they meet resident needs. Upgrades include modernized kitchens and bathrooms, new appliances, upgraded lighting and plumbing fixtures, new flooring, and reconfigured floor plans. Energy Upgrades – More than 50% of Fort Meade's family housing will receive advanced energy systems, including the replacement of aging HVAC and hot water systems with high-efficiency ground source heat pumps. Wellness at Home – An expansion of indoor wellness-focused enhancements to family housing, including water filtration, air purification, humidity control, and circadian lighting to support occupant health and readiness. The $163 million investment began in January 2025 and is scheduled to continue through 2029. During the visit, leaders reviewed renovations, installations, and geothermal drilling—marking visible momentum in support of Army infrastructure goals. "We're building the installation of the future by aligning with the Army's priorities and investing in what truly matters – resilience, readiness, and quality of life," said Denise Hauck, Corvias Department of Defense President. "Through smart infrastructure, energy diversification, and wellness-centered design, we're creating environments that not only support today's Soldiers and their families but are ready for tomorrow's missions. Our holistic, forward-looking approach ensures each installation is a stable, sustainable platform for Army success." About CorviasCorvias partners with the Department of Defense and higher education institutions to solve infrastructure and energy resiliency challenges and to create long-term, sustainable value through our unique Solutions Through Partnerships® approach. Corvias partnerships enhance the well-being in our communities, including at the largest renewable energy project in Kansas and at resiliency projects nationwide. Our more than 72,000 residents consistently highly rank the courtesy and professionalism of our maintenance and leasing personnel. To learn more, please visit: View source version on Contacts Corvias Media ContactCommunications@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
