The ownership of South Campus Commons was transferred to the Maryland Economic Development Corporation (MEDCO) from Collegiate Housing Foundation-College Park in a move that will not impact any of the students living there.
MEDCO, who already owns Commons 4, 5 and 6 has now taken over the three remaining buildings, announced Trisha Wells, general manager of Commons, in a letter to residents of Commons Buildings 1, 2 and 3 Tuesday.
The University Courtyard apartments were also part of the transaction that took place between the two entities.
Capstone Development Corp., which manages the buildings, does not foresee any effects on residents under the buildings’ new ownership.
“Capstone management will continue to manage South Campus Commons and the Courtyards, and will continue to offer all the same services that students currently receive,” said Capstone Regional Manager Masha Sapper.
The ownership of South Campus Commons and University Courtyard was consolidated after the bonds were refinanced to a fixed-rate bond, Sapper said. The shift to a fixed-rate bond will prevent dramatic spikes in prices for students in case interest rates increased.
MEDCO’s website says the purpose of the corporation is “expansion, modernization and retention of existing Maryland business and to attract new business to the State.”
MEDCO executive director Robert Brennan was not able to be reached for comment.
Contact reporter Pouya Dianat at pouyadbk@gmail.com.
