NEWTOWN SQUARE, PA-GMH Communities Trust’s military housing division has finalized agreements with the Department of the Air Force under which GMH becomes the private sector developer for the 50-year Air Education and Training Command Group 1 military housing privatization project. It encompasses 2,875 housing units at four bases.

The agreement begins with a five-year initial development period that includes the design, construction and/or renovation of the 2,875 units located at Atlus Air Force Base in Atlus, OK; Luke Air Force Base in Glendale, AZ; Sheppard Air Force Base in Wichita Falls, TX; and Tyndall Air Force Base in Panama City, FL. GMH also assumes overall management, maintenance and operational responsibilities for the housing in those locations for the full 50 years.

Approximately $337.1 million will be expended over the five-year initial development period. That funding, a spokeswoman for GMH says, “comes from a combination of private debt, subordinated Air Force debt, private equity, interest earnings and excess cash flow. Although we begin construction and renovation immediately, not all of the funding is spent immediately, which accounts for the interest earnings.

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