Sigma Chi - University of Virginia

Fall 2020 Newsletter

Psi Chapter of Sigma Chi at the University of Virginia

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Psi Chapter: Honoring Our Past, Building Our Future Psi Chapter of Sigma Chi at the University of Virginia • Fall 2020 PHASE 2 CONSTRUCTION COMPLETE AT 608 PRESTON PLACE G reetings from your Psi of Sigma Chi House Corporation! With the fall beginning, we thought it important to bring everyone up-to- date on the status of 608 Preston Place. CAPITAL CAMPAIGN With $1.94 million pledged commitments, an 83% pledge fulfillment rate, and $1.6 million collected to date, the financial foundation of Psi remains strong. FINANCE In early June, we closed on a loan package with Virginia National Bank that allows us to complete Phase 2 of the Chapter House renovation project. The loan includes a one-year construction loan for $925,000. During this period, payments will be interest only. After the construction period, it will split into a $500,000 25-year commercial mortgage and a $425,000 4-year, interest-only loan secured by unpaid pledges and a lien on the house. We will pay down—and hopefully pay off—this loan before maturity with your pledge payments. We'll have 18 residents for the 2020-21 school year, which allows us to meet our normal budget objective (break even with some surplus). Our cash position going into the year is solid. CAPITAL IMPROVEMENTS First some history: Sigma Chi Fraternity was founded at Miami University in Oxford, Ohio, in 1855 and established at UVA in 1860. We rank among the ten oldest fraternities on the Grounds and are regarded as one of the leading fraternities at the University. In 1950, under the leadership of Consul Bob Fair '51, Psi purchased the property at 608 Preston Place for $38,500. It has served as our Chapter House for the past 70 years! More than a thousand of us have enriched our experiences at the University and gained lifelong friends thanks to its existence. The Chapter House has seen a lot of wear and tear. Over the years, 608 has periodically been repaired and renovated, but in 2010 the House Corporation began a decade-long process that has resulted in a modern (Continued on page 2) Rear elevation of 608 Preston Place in 2020. Additions from the left: new Chapter Room (2017), original Chapter Room (1967), new Phase 2 bedrooms (2020).

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