DALLAS–(BUSINESS WIRE)–Preston Hollow Community Capital recently announced the closing of a $300 million tax-exempt bond financing that will consolidate financing of the Towers, Drew, Cook, Quad, and Axis dormitories across the Howard University campus into one unified transaction.
Preston Hollow Community Capital and Howard University have a track record of success together, beginning in 2017 when Howard and Preston Hollow structured a public-private partnership solution to address critical housing needs for its student body, faculty, and staff. The first transaction comprised $33 million in tax-exempt bonds to fund the construction of the Axis dormitory.
“We’re proud to continue our partnership with Howard University, a top-ranked higher education institution that is one of the nation’s most highly regarded Historically Black Colleges and Universities,” said Ramiro Albarran, Co-Head of Originations at Preston Hollow Community Capital. “This financial solution aligns with Preston Hollow’s and Howard University’s mutual commitment to providing high-quality educational opportunities by enhancing the affordable on-campus learning experience for current and prospective students.”
Loop Capital Markets LLC served as sole underwriter for the Bonds. Orrick, Herrington & Sutcliffe LLP acted as Bond Counsel. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as counsel to the underwriter. Lerch Early & Brewer, Chtd. acted as counsel to Howard University.
Preston Hollow Community Capital is a market leader in providing specialized impact finance solutions for projects of significant social and economic importance to local communities in the United States. The Company invests in bespoke municipal finance transactions with a diversified investment portfolio. PHCC has invested $4 billion since its inception across various sectors of the municipal bond market, including real estate, K-12 and higher education, healthcare, infrastructure, hospitality, general government, and economic development.
Since its inception, Preston Hollow has raised $1.3 billion in committed, permanent equity capital from premier sponsors like Stone Point Capital and HarbourVest Partners. The Company has received long-term BBB (Stable) and short-term K2 (Stable) ratings from Kroll Bond Rating Agency.
Mr. Max Pickle
Preston Hollow Community Capital