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University’s $1.2B Refi Marks the Largest Real Estate Deal in Arizona History
Grand Canyon University (GCU) recently received $1.2 billion to refinance the secured note that was issued in 2018 as part of the purchase of the university related to its transition back to 501(c)(3) tax-exempt nonprofit status. In addition, it will be used refinance other capital expenditures.
The deal refinances loans for the university to take advantage of lower interest rates, resulting in significant interest cost savings. The $1.2 billion transaction marks the largest real estate deal in Arizona’s history.
Colliers International Mortgage Advisory LLC in Phoenix along with Barclays arranged the financing.
“The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s solid financial performance in the three years since reverting to our historical nonprofit status,” says Brian Mueller, GCU president. “This will help in our efforts to continue to freeze tuition costs on campus, which we have done for 14 straight years, while also continuing to invest in academic infrastructure in order to keep up with the growth of the university.”
- ◦Financing
