Howard University, Preston Hollow Community Capital Close $300M Dorm Financing
Preston Hollow Community Capital has closed a $300-million tax-exempt bond financing that will consolidate financing of the Howard University’s Towers, Drew, Cook, Quad and Axis dormitories into one unified transaction.
Loop Capital Markets, LLC served as sole underwriter for the bonds.
“This financial solution aligns with Preston Hollow Community Capital’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,” said Ramiro Albarran, co-head of originations at Preston Hollow Community Capital.
Preston Hollow Community Capital and Howard University worked together in 2017 to 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.
Preston Hollow Community Capital provides specialized impact finance solutions for projects of significant social and economic importance to local communities. The company invests in bespoke municipal finance transactions with a diversified investment portfolio.