Samuel Merritt University (SMU), specializing in health science education, has taking a big step towards breaking ground on its new flagship campus in Oakland, CA. The University secured a $139 million bond in financing the project, and will also invest $120 million of its own reserves. Construction of the 260,000-square-foot facility is expected to commence in mid-2023.
The 30-year, tax-exempt series 2022 bonds were issued by the California Municipal Finance Authority and Barclays and Prager served as underwriters. “The bond issuance represents the first time in its 113-year history that Samuel Merritt University has received outside funding for a capital project,” said SMU EVP Dave Lawlor.
Located downtown at Broadway and 12th, the 10-story campus will feature 20 classrooms, several labs, a Health Sciences Simulation Center, conference spaces and more. Mayor Libby Schaaf says the SMU campus will be a boon for the Oakland CBD, as the region has struggled post-pandemic.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.