CONWAY, SC (WMBF) - Coastal Carolina University is buying University Place.
The trustees of CCU approved the purchase of the University Place residence facility from CCU's Student Housing Foundation, according to a news release.
Currently, CCU leases from the 54-acre property from the foundation.
The move will allow CCU to annul the outstanding bonds issued by the housing foundation and refinance the debt at a lower rate, according to CCU officials.
"By canceling the lease agreement, which had been set to terminate in 2042, the university expects to save approximately $70 million over the 30-year period. As a result of CCU's high bond rating, the savings on the debt service alone realized through the new arrangement will amount to approximately $17 million," according to the release.
University Place is located on Highway 544. With nearly 50 residence halls, UP houses more than 2,300 students, according to CCU.