Proposal Cob Dorms
Proposal Cob Dorms
Proposal Cob Dorms
for
THE COLLEGE OF THE BAHAMAS
Nassau, The Bahamas
INDEX
Executive Summary
Introduction
Introducing The Team
The Team
The Design
EXECUTIVE SUMMARY
CFAL are pleased with the opportunity to present this proposal for our professional development services. We understand it is your goal to seek a developer to finance,
design, construct and operate the proposed student residence. CFAL will be responsible for an efficient design that complies with the colleges view of providing educational
and living facilities that are accessible and affordable. CFAL proposes to work with the college and selected design, construction and operations consultants in order to
obtain the colleges objective of creating a halls of residence facility and to establish the unique vision for the overall project, ensuring the short and long-term vitality of this
unique development. The goal of our proposed work plan is to position this student residence as the regions most complete, a place that defines the spirit of the country,
and most importantly the sense of place unique to C.O.B.
In the following pages, we outline and describe in detail how we envision our solution to your RFP. We believe that this process is fundamental to our mutual success in this
project. This is accomplished through a series of interactive and collaborative review workshops in which stakeholders, designers and consultants work together to refine
the design proposals to meet and exceed both the financial and aesthetic goals set forth for the project. This is a staged process with appropriate milestones; beginning
with this initial offer, followed by review workshops and concluding with a final presentation and financial package. The development team has followed a partnership
approach to this. We are very excited to have a specialist residence operator/ consulting company from the United States named Campus Advantage, they bring to this team
the very latest thinking in campus management and student accommodation.
Campus Advantage prides itself in being a valued partner to institutions, thereby creating a seamless experience for students. The residential experience is a critical component
of a students experience at his or her institution. Through a collaborative and strategic approach to communications and operations with our partner institutions, Campus
Advantage consistently produces results that align with the desired institutional outcomes and most importantly provide the student an exemplary tertiary education
experience.
Students First is the Campus Advantage residence life program focused on achieving its mission, vision and purpose through daily interactions with its residents built
around creating successful living, learning and career experiences. From social events to resume workshops, academic success seminars to soft skills and employability
training courses, residents at Campus Advantage communities will have the opportunities and resources they need and desire to succeed. A purposeful and exciting
calendar of events will engage, challenge and equip them to be successful both now and in the future, all while having fun at the same time,
Project Objectives
Create an overall and comprehensive plan for the residences.
Achieve consensus on the architectural character, scale, typology, and density of the proposed improvements.
Create a unique sense of place by providing for distinctive and culturally authentic architecture while preserving and enhancing the natural amenities of
the property.
Create a financially attractive solution for both the financing and operations of the facility, ensuring a feasible project and affordable to all.
Provide a suitable technological solution for both optimizing construction and ongoing operational budgets.
reduce the burden on local supplies we could revisit these initiatives at a future date together with the College.
Careful attention to building sitting and orientation, choice of construction materials and control of waste can
reduce the negative impact of human intervention. Application of these and other concepts will allow the project
to both minimize the detrimental aspects of construction and increase greatly the long-term life cycle costs.
Alexiou and Associates our Architects are the very rst rm to design a LEED-specied building in the Bahamas, and
we seek to endow this project with the benefits from the physical and economic benets of healthy environmental
stewardship.
Colina Financial Advisors Ltd.s (CFAL) role in the development of this project will be to act as financiers. The process
will begin with the development of a Special Purpose Vehicle (SPV) which will be responsible for the building,
maintaining, and operating of the dormitories for the College of the Bahamas (C.O.B). CFAL will partner with
SuperClubs Resort, Alexiou & Associates Ltd. and Sunco Builders & Developers Ltd. After the company has been
incorporated and if chosen by C.O.Bs Board of Directors, the SPV team will work extensively with COBs team to
make any necessary adjustments to the project.
After all the information has been finalized, an agreement will be signed between the COB and the SPV. Included
within this agreement will be a letter of comfort from The Bahamas Government guaranteeing that all payments
are made in a timely manner and in full so that investors are fully reimbursed for their investment. The method of
financing the project and the full scope of the relationships between both entities will also be included.
Following the signing of the agreement, a Private Placement Memorandum through CFAL will be issued to the
public to raise the necessary capital to fund the project. The funds will be raised in the form of a bond with a maturity
ranging from 20-30 years with interest rates ranging from 6.50%-7.50%. The total amount that will be raised will
be based on the amount that it takes to build the dormitory, maintain it, and enough working capital to keep the
dormitory afloat until it is capable of being self sustaining.
Finally, after all agreements have been made and the necessary amount of capital has been raised, then the money
will be used to start the building process based on the timeline stated in the RFP. Please see attached term sheet and
financial model for more detail.
About Sunco
Sunco Builders & Developers Ltd is a privately owned Bahamian company
offering complete construction and development services. Sunco have
successfully built multi-storey commercial buildings, luxury apartments/
condominiums, private residences, marinas, resorts and hotels throughout
the Islands of The Bahamas.
Offering both pre-construction and construction services Sunco can
help you with your project from inception to completion. Utilizing our
experienced and professional staff of Engineers, Quantity Surveyors and
Project Managers, Sunco will work as your construction partner to deliver
the project on time and within budget.
Please navigate this site to learn more about Sunco and the services we
offer.
Our Services
Pre-Construction Services
Initial consultation to establish client needs
Feasibility studies
Outline and detailed budget development
Value engineering
Site selection
Assembling a design team
Obtaining permits
Construction Services
General Contracting
Project Management
Construction Management
Development
Piling services (driven and auger cast)
Plant hire
The Campus Advantage mission is to lead the world in creating financially successful communities that excel in
providing rewarding living, learning and career experiences. The company envisions a world where more people are
living successful and enriched lives and the teams purpose is to serve and inspire employees and residents to achieve
their full potential. Campus Advantage was formed in 2003 by Mike Peter and Michael Hanley who each have over
20 years of experience in student housing. The company has extensive experience working in a public institution
environment and many of the senior leadership team members have previous experience serving as former Deans of
Students, Resident Assistants, Resident Directors or Housing Administrators.
Campus Advantages core values are integrity, intelligence, passion and mojo. (Mojo is how the dynamic company
culture is described). The Campus Advantage team is devoted to providing student housing that is hassle free, greatvalue and fun. Additionally, Campus Advantage participates in industry associations that are dominated by public
institutions. This includes presenting at national conferences, such as the Association of College and University Housing
Officers (ACUHO), and the National Association of College & University Business Officers (NACUBO). Also, Campus
Advantage is a member of many private associations and sits on committees and boards of those organizations.
The CA team brings a combined 250 years of experience in on and off campus housing from across the world. The
Senior Vice President of Residence Life, Dan Oltersdorf, worked on-campus at multiple institutions and received a
masters in Higher Education Administration. He also founded ResidentAssistant.com, a residence life resource utilized
by most on-campus student housing departments, is the co-author of two books for student leaders, and continues to
serve in training and consulting role with a number of different institutions and at regional and national conferences.
With this background, Mr. Oltersdorf created the Campus Advantage Students First Residence Life Program in 2003.
The People
Campus Advantage knows that their employees are the most important factor when delivering high quality service
and operations, so they place a strong emphasis on the recruiting, selection, training and ongoing development of the
team. From the General Managers to the Community Assistant student staff, the team understands that they are the
experience experts, tasked with making the lives of the residents better on a daily basis by asking Have I made you
more successful today?
Our Students First program is championed and supported by a dedicated department of Campus Advantage. The
Residence Life team is made up of individuals with decades of combined student housing experience, both on- and
off-campus, and an unmatched passion to make a difference.
The Process
Partnership Approach
Campus Advantage prides itself in being a valued partner to institutions, thereby creating a seamless experience for
students. The residential experience is a critical component of a students experience at his or her institution. Through
a collaborative and strategic approach to communications and operations with our partner institutions, Campus
Advantage consistently produces results that align with the desired institutional outcomes.
Campus Advantage knows students. Their proven approach is based upon years of experience and current research
along with ongoing assessment of resident needs, interests and opinions. Before residents ever move in, they receive
a Customize Your Experience survey that the team utilizes as they plan events. Campus Advantage does ongoing
assessments and makes adjustments during the year based on the feedback they get from residents. By taking a flexible
approach driven by proven methods, the resident experiences continue to improve.
The Partners
Campus Advantage residents benefit from numerous companies and organizations that have been chosen to partner
in delivering Students First. From philanthropic organizations to international experts on student success, Campus
Advantage brings together the resources needed for student success.
The Plan
To align with Campus Advantages mission of providing experiences, they have created
the Students First event model to reflect this focus. Monthly programming is based on
creating experiences for their residents: Living Experiences, Learning Experiences and
Career Experiences.
Living Experiences
Living experiences celebrate this very crucial and exciting time in residents lives: their college years. Events in this
category are dedicated to building friendships, defining successful lifestyles, and playing an active role in the development
of their lives of themselves, their friends, the community and the world.
Learning Experiences
Learning experiences represent why residents are in college: to obtain knowledge and get a degree. Events in this
category are dedicated to academic success, learning important and interesting life skills, and understanding wide
variety of perspectives and people that they will encounter throughout their lives.
Career Experiences
Career experiences embrace the ultimate goal for residents: to get a job and find success in life. Events in this category
are dedicated to soft skills training, taking steps towards employment, and achieving general success both now and in
the future.
the developmental component of our programming that is already in place. Through our extensive background in
on and off campus housing, our desire to work with on campus housing offices, and our customized residence life
programming, Campus Advantage is able to cohesively join private and public interests and increase the student interest
and engagement at on-campus housing.
Consulting
Campus Advantage Consulting has conducted over 200 professional consulting engagements with clients ranging from
universities and colleges to large national developers and investment banks. Our services include student housing
demand studies, market analyses and project feasibility studies, financial analysis and planning, facilities analyses, design
consulting, operational assessments and acquisition due diligence, and are backed by Campus Advantages operational
experience of over 26,000 student housing beds. Clients commonly use these detailed reports for specific guidance on
project feasibility, target student demographics, unit types, amenities and operating expenses.
Facilities
Campus Advantages Senior Vice President of Facilities, Michael Hanley, also helped form the company in 2003. The
Facilities team provides corporate oversight and support for all on-site Maintenance Supervisors, including frequent site
visits, bi-weekly support calls and detailed preventative maintenance plans. Michael and his team managed over $16M
in capital expenditures during the last twelve months, including projects ranging from roof replacements to clubhouse
renovations.
Campus Advantage has published numerous facilities related policies and procedures to ensure the asset is maintained
and properly cared for by the office staff and maintenance team. The following policies and procedures are attached for
reference.
Lease Administration
Campus Advantage properties typically structure their leases for 9 months or 12 months based on the academic year.
If a student is under 18 years of age, the students parent will sign the lease with the student as a co-applicant. Campus
Advantage properties lease a majority of their leases online with electronic signatures for the student and parent.
Accomplishments
On-Campus Projects
Beacon Hall:
Campus Advantage provided George Mason University administrators with development & financing consulting,
design review, market analysis and management plan development for graduate student housing located at their
Prince William Campus in Manassas, VA. Campus Advantage also provided support regarding new housing policies,
procedures and residence life programming. The project was completed and continues to operate successfully, receiving
high praise from campus partners.
http://www.livebeaconhall.com/
JANA HURLEY
Titan Court:
Campus Advantage provided Lane Community College with a demand study accompanied with a student survey, as
well as design consulting in 2009 and 2010. The project, Titan Court, opened in September 2012. Campus Advantage
was asked to return to the project as manager, after the initial property manager failed to meet campus goals. The
project exceeded budgeted occupancy in 2013, 2014 and 2015.
www.titancourt.com
GREG MORGAN
Community College
Chief Financial Officer
(541) 463-5516 (Work)
morgang@lanecc.edu
4000 East 30th Avenue
Eugene, OR 97405-0640
Alexandria Tech:
Tobin Lofts:
www.alextechhousing.com
www.livetobinlofts.com
From 2010 to present, Campus Advantage Consulting has provided design consulting, initial operations support and
lease-up oversight to Alexandria Tech for their first on-campus housing. The project opened at 100%.
KATHY PFEFFER-NOHRE
In 2011, Campus Advantage completed a demand study and design consulting for San Antonio College. Tobin Lofts
finished construction in 2013 and Campus Advantage exceeded budgeted occupancy in 2014 and 2015.
DAVID MRIZEK
University of Akron
College of Santa Fe
University of Vermont
VRL (Nassau) Ltd DBA Breezes Bahamas, has the experience to operate and manage the dormitory based on its experience in operating hotels. The dormitory facility would be a business division and the similarities between operating a hotel and a dorm with dining facilities are obvious.
John and Muna Issa, the directors of VRL (Nassau) Ltd., jointly have over 75 years experience in operating various types of hotels ranging from the bed and
breakfast to the all-inclusive to the traditional full-service business hotel. At one point they operated eighteen resorts under four brands in six countries.
At Breezes, the Issas have been successful in recruiting a 100% Bahamian management team as well as insisting on recruiting and training young Bahamians.
Architecture
Interior design
Project management
Urban planning
As one of the largest architectural practices in the Bahamas, Alexiou & associates offers clients a wide range of expertise that
allows us to evaluate and develop a project holistically from multiple perspectives and disciplines.
Each project we undertake reflects our passion and respect for the natural and man-made environment of the Bahamas.
We are deeply committed to the preservation of the islands and the planet as a whole, and this has led us to integrate green
architecture as a benchmark standard within our practice.
Alexiou and Associates is the first firm to design a LEED-specified building in the Bahamas, and we seek to make our clients
more aware of the physical and economic benefits of good environmental stewardship.
Our goal is to build sound working partnerships with our clients and develop designs that exceed their requirements and
expectations.
Specializing in a contemporary regional style, we blend the islands vernacular architecture with a comprehensive knowledge
of advanced technologies and materials to strike a balance between cultural heritage and modernity.
With process at the core of every design, we collaboratively and intuitively explore an idea from its most primitive beginnings
to its ultimate realization. It is a unique and personal combination of materials, methods, and people cognitively engaged in
decoding symbols in order to construct or derive meaning.
LIST OF SUBCONTRACTORS
TAYLOR INDUSTRIES
Electrical
This Scope of Services includes services by other consultants that may be required as the project progresses forward, such as geotechnical,
IT consultant, security consultant, Kitchen planner, procurement consultant, landscape architect and fire safety engineers.
Existing Site Plan, in CAD, indicating site boundaries, set-back lines, easements and encroachments.
Environmental study indicating any protected natural or historic elements on the site.
Existing local infrastructure services and expansion plan plans (if available)
Geology / geotechnical studies (if available)
Summary of regulations governing the site and copies of any prior regulatory approvals
Note: Alexiou & associates will proceed to work based on the documentation provided by the Client. If during the design process new
information is received that affects the original conditions in a considerable manner, any changes and adjustments to the design will be
considered additional services.
The Design
The design references the planning strategies of the early university colleges like those of Oxford and Cambridge universities.
The dormitory is divided into 3 distinct but conjoined parti.
The dormitories themselves are separated into a male and a female quadrangle, each consisting of 5 floors. The third parti is a single storey communal services quad that contains the dining hall, gym, recreation room. laundry and retail
and is expected to be the social heart of the community while additionally housing the management offices and the facilities MEP and maintenance areas.
The quadrangles themselves are conceived as grassed garden spaces and are envisioned as places where students can read, relax while basking in the embrace of the sun.
The design interestingly offers a variety of residential options which offer a variety of social experiences.
There are two bed rooms (where two people share a room with a kitchenette and bathroom facilities) and a number of one bed apartments suitable for RAs or visiting lecturers. The building has three distinct type of units that
accommodate different sized communities. There is a two bed room unit with bathroom, kitchen and living room. It is anticipated that each bedroom will only accommodate 1 bed and that this configuration would probably be used by
senior students. The three bedroom unit is the workhorse of the facility and houses six students in a unit containing three bedrooms, a bathroom and a small kitchenette. The 4 bedroom unit has a large bathroom and reasonably sized
communal areas for sitting and eating as well as having a good sized kitchenette.
first floor
three bedroom unit
four bedroom unit
28 off
4 off
168 beds
32 beds
second floor
two bed room
three bedroom unit
four bedroom unit
one bed apartment
2 off
28 off
4 off
2 off
4 beds
168 beds
32 beds
2 beds
third floor
two bed room
three bedroom unit
four bedroom unit
one bed apartment
2 off
20 off
8 off
2 off
4 beds
120 beds
64 beds
2 beds
fourth floor
two bed room
three bedroom unit
four bedroom unit
one bed apartment
2 off
20 off
8 off
2 off
4 beds
120 beds
64 beds
2 beds
fifth floor
two bed room
four bedroom unit
two bedroom unit
one bed apartment
Total # beds
4 off
16 off
4 off
2 off
932
8 beds
128 beds
8 beds
2 beds
Site
RFP Coordination
Design Consulting
Commencement of construction
August 1st, 2016
August 2018
On-Going Management
Construction commences
Interior design consulting
Operational efficiency consulting
Branding/logo development
Construction continues
Recruitment of staffing
Opening of community
Residence life programming
Construction Completion
July 31st, 2018
TERM SHEET
ISSUER
LEGAL COUNSEL
AUDITOR
ESCROW AGENT / PLACEMENT
AGENT
PAYING AGENT / REGISTRAR
BANKERS
CORPORATE TRUSTEE
LISTED EXCHANGE
ISSUE TYPE
ISSUE SIZE
RANKING
SECURITY/COLLATERAL
INTEREST RATE
INTEREST FREQUENCY
PRINCIPAL REPAYMENT
MATURITY
SINKING FUND
CALL PROTECTION
MINIMUM SUBSCRIPTION
PAR AMOUNT/ ISSUE PRICE
CONVERSION RIGHTS
USE OF PROCEEDS
FURTHER ISSUE/UPSIZING
RESTRICTIVE COVENANTS
SPECIAL RIGHTS/PRIVILEGES
EVIDENCE OF OWNERSHIP
GOVERNNG LAW
SPV
TBD
TBD
CFAL Ltd.
CFAL Ltd.
TBD
None
Bahamas International Securities Exchange
Unsecured Bonds
$66,943,000
With respect to the payment of interest and principal
payments upon liquidation, the bonds will be unsecured
obligations of the Issuer. The Bonds will rank equally
among themselves and with all other future
unsubordinated and unsecured debt of the Issuer.
The Bonds are a general obligation of the Issuer and are
not secured by any specific collateral.
The Bonds will make semi-annually payments of interest
on the principal balance outstanding at the time of such
payment based on 1/2 of the following annual
percentage rates: 6.50%
Semi-annually
Principal payment will be made at 100% of par.
The Bonds will mature on the 30th anniversary date from
the closing date of the Offer or its date of issue,
whichever is earlier.
None
None
200 Bonds (B$200,000) and in increments of 1 Note
(B$1,000) thereafter.
1 bond will equal B$1,000 Par Value, issued at 100% of
Par. No fractional amounts will be issued.
None
The proceeds of the bond will be used to fund the
building and operating of a college dormitory that will be
primarily used by the College of The Bahamas until it is
self sustaining.
The Issuer reserves the right to increase the size of the
Bonds issue at the Closing Date, or anytime thereafter,
without the consent of the bondholders.
Bondholders will not have an equity interest in the
Company nor will they have any voting rights.
Include without limitation, failure to pay principal and
interest when due, cross default against material
agreements and breech of representations, warranties
and covenants by the Issuer.
None
None
Book Stock
The Laws of The Bahamas
SPV
Corporation
NA
NA
NA
NA
NA
Yes