Campus Crest Communities, Inc. (NYSE:CCG) (the "Company"), a leading developer, builder, owner and manager of high-quality, purpose-built student housing under The Grove® brand, today announced that it closed on construction financing on four additional properties, completing the necessary financing for all of its 2012/2013 development projects. The Company previously announced $31.5 million of construction financings for its wholly-owned projects in Auburn, AL and Orono, ME, and has closed a construction loan in the amount of $19.8 million for its third wholly-owned development in Flagstaff, AZ. An additional $52.6 million of construction loans have been closed for its three joint venture projects with Harrison Street Real Estate.

Details of the Company's construction loans are as follows:

2012/2013 Academic Year Developments ($mm)          
  Loan
Project   University Served   Est. Cost   Amount   Rate   Term (mos.)   Bank
Wholly-Owned
The Grove at Auburn Auburn University $26 .3 $16 .3 L + 295 36 Compass
 
The Grove at Flagstaff Northern Arizona Univ. 33 .1 19 .8 L + 250 36 National Bank of Arizona
 
The Grove at Orono University of Maine 25 .3 15 .2 L + 275 36 TD Bank
                         
Sub Total $84 .7 $51 .3
 
Joint Venture
The Grove at Fayetteville University of Arkansas $26 .5 $19 .9 L + 275 36 Community & Southern
 
The Grove at Laramie University of Wyoming 24 .8 17 .4 L + 265 36 Bank of the West
 
The Grove at Stillwater1 Oklahoma State Univ. 20 .7 15 .3 L + 275 36 KeyBank
                         
Sub Total $72 .1 $52 .6
                         
Total       $156 .8   $103 .9            
1 Acquisition of existing community with 138 units and 384 beds. New development adds 68 units and 228 beds
 

In addition to the construction financings, the Company has also closed on an amendment to its unsecured revolving credit facility, which increases the capacity by $50 million to $200 million.

The credit facility is led by Citigroup Global Markets Inc., Raymond James Bank, FSB and Barclays Capital. Aside from the increased capacity, all other terms remain the same. The Company intends to use the increased capacity on the facility to fund expansion and construction of new properties.

The Company's Chief Financial Officer Donnie Bobbitt stated, "With the upsized credit facility and all construction financings closed, Campus Crest has put the capital in-place to fund the construction of our 2012 project deliveries. We continue to be in a solid position to prudently expand our footprint, grow FFO and create value for our shareholders. I am excited about the year ahead with the continued improvements to our operating teams and systems, along with a compelling group of projects."

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. (NYSE: CCG) is a leading developer, builder, owner and manager of high-quality, purpose-built student housing properties located close to campuses in targeted U.S. markets. The Company is a self-managed, self-administered and vertically-integrated real estate investment trust which operates all of its properties under The Grove® brand. Campus Crest Communities owns interests in 33 student housing properties containing approximately 6,324 apartment units and 17,064 beds and boasts the youngest standardized portfolio in the industry. Since its inception, the Company has focused on customer service, privacy, on-site amenities and its proprietary residence life programs to provide college students across the USA with a higher quality of living. Additional information can be found on the Company's website at http://www.campuscrest.com.

Forward-Looking Statements

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposed of complying with these safe harbor provisions. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts" or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements in this press release include, among others, statements about the Company's financing of its expansion and construction of new properties, outlook for FFO, growth opportunities and long term value creation. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, except as otherwise required by federal securities laws, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the risk factors discussed in the Company's most recent Annual Report on Form 10-K, as updated in the Company's Quarterly Reports on Form 10-Q.

Campus Crest Communities, Inc.
Investor Relations
704-496-2581
Investor.Relations@CampusCrest.com