PROVIDENCE, R.I. – On July 27th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $87.2 million bond issue for Brown University. Proceeds will be used by Brown for:
· Construction of Brown’s new Brook Street Residence Hall, a 125,000 square foot facility located at 250 and 259 Brook Street, which is expected to include approximately 353 student beds and study space.
· Construction of Churchill House, a new 24,000 square foot facility located at 155 Angell Street, including space for Brown’s Department of Africana Studies and Rites and Reasons Theatre.
· Renovation of the Lincoln Field Building, a 18,500 square foot facility located on the Simmons Quadrangle on the main campus, which includes space for Brown’s Department of Earth, Environmental and Planetary Sciences.
“For more than 50 years, RIHEBC has been proudly providing financing assistance to help Brown University meet their facilities needs,” said Kim Mooers, Executive Director of RIHEBC. “This $87.2 million bond issue was sold to investors at a premium of $13.5 million, generating a total of $100.7 million to pay for Brown’s construction and renovation projects.”
Since 1968, RIHEBC has facilitated 27 bond transactions for Brown University, providing more than $1.3 billion to help meet their facilities and other capital project needs.
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The R.I. Health and Educational Building Corporation for the past 56 years has provided financing for non-profit health and educational institutions in the state as well as municipalities for school projects. It has issued over $10 billion in tax exempt bonds and is the largest financing agency of the state. rihebc.com – Twitter: @RIHEBC1