DETROIT (AP) – Wayne State University officials have finalized a 40-year agreement with a private company to finance, develop and operate the school’s student housing.

The Detroit university on Thursday announced the financial close of the deal with Corvias, and with it the securing of $307 million in private financing. That will be used to pay off existing housing debt and the continued construction of Anthony Wayne Drive Apartments, as well the demolition and renovations of other property.

East Greenwich, Rhode Island-based Corvias assumed management and maintenance of all on-campus housing on Friday.

The projects are expected to create about 840 more beds. Leasing of roughly 400 beds is expected next fall, and the remainder by fall 2019.

Officials say the deal strengthens the university’s finances while dealing with a housing shortage.

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