Credit Tenant Lease Financing Secured for New Student Housing Project at Colorado School of Mines

Project seeks to create a vibrant live and learn experience for college students

NEW YORK--()--Blaylock Van, LLC, recently served as sole placement agent on a $44.25 million, 31.8 year construction-turn-permanent Credit Tenant Lease private placement bond financing that will expand student housing and enhance campus life at the Colorado School of Mines (“Mines”) in Golden, Colorado. The project will consist of 107 residential units on a 1.38 acre parcel adjacent to the Mines campus. The owner of the parcel sold the land to the State of Colorado, on behalf of Mines, leased it back via a long-term ground lease and will commence construction of the residence hall this month.

The State of Colorado will sublease the project for thirty (30) years following completion. Upon expiration of the sublease the improvements will be gifted to the State. While the sublease rent will be subject to annual appropriations, this risk is mitigated by the strong demand for housing in Golden and the State’s long history of funding lease obligations in its Lease Revenue Bonds.

The financing provides staged funding during the construction period to minimize interest expense and is secured by a leasehold mortgage on the improvements. “Blaylock Van’s guidance through the bond placement process was invaluable. They earned their fee twice over,” says Tim Walsh, President of Confluence Companies, the developer of the project. “Our firm has always pursued opportunities to address our clients’ needs. Credit Tenant Lease financing fits well with the specific requirements and objectives of Mines and the developer,” says Eric Standifer, President and CEO of Blaylock Van.”

ABOUT BLAYLOCK VAN

Blaylock Van, LLC, is an African American owned investment banking and financial services company. Blaylock Van provides debt and equity underwriting, and sales and trading services to a diversified client base including corporations, municipalities, investment managers, pension funds, and family offices. Blaylock Van is a California Limited Liability Company, with headquarters in Oakland and New York City and offices in Illinois; Ohio; Texas; Florida and Georgia.

ABOUT COLORADO SCHOOL OF MINES

Colorado School of Mines, also referred to as "Mines", is a public teaching and research university in Golden, Colorado, devoted to engineering and applied science, with special expertise in the development and stewardship of the Earth's natural resources.

Contacts

Blaylock Van, LLC
Judith Ashworth, 212-715-6600
jashworth@brv-llc.com

Contacts

Blaylock Van, LLC
Judith Ashworth, 212-715-6600
jashworth@brv-llc.com