Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”) announced today that Campus Crest Communities Operating Partnership, LP, the operating partnership through which the Company conducts its operations (the “Operating Partnership”), has commenced a private offering of $75 million aggregate principal amount of its Exchangeable Senior Notes due 2018 (“Notes”), plus up to an additional $11.25 million aggregate principal amount of such Notes that may be issued at the option of the initial purchasers within 30 days of the initial issuance of the Notes. The Notes will be senior unsecured obligations of the Operating Partnership and will be exchangeable, upon the occurrence of specified events, for shares of the Company’s common stock. The Company will guarantee the payment of amounts due on the Notes. The interest rate, exchange rate and offering price will be determined by negotiations between the Operating Partnership and the initial purchasers of the Notes. The Operating Partnership intends to use the net proceeds from this offering for the repayment of debt, future development or for other general corporate and working capital purposes. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Notes, nor shall there be any sale of such Notes in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. The Notes will be offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Neither the Notes nor any shares of the Company’s common stock that may be issued upon exchange of the Notes have been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.