Firm Client Provident Serves as Borrower in Issuance of $158.5M in Bonds for University of Akron Student Housing Revitalization

A subsidiary of Fishman Haygood client Provident Resources Group, Inc. (Provident), PRG – Akron Properties LLC, is serving as borrower in the issuance of $158.5 million in tax-exempt and taxable bonds to finance the renovation and revitalization of on-campus housing at the University of Akron in Ohio. Provident is a national nonprofit organization that undertakes projects and partnerships designed to promote education, health, and other charitable purposes. Read the full press release here.

The public-private partnership (P3) is aimed at modernizing the university’s on-campus residence hall portfolio, which includes 2,323 beds. Improvements will be phased from Spring 2026 to Summer 2027 in support of the University of Akron’s commitment to providing its students with high-quality, accessible, and affordable housing options.

The project is funded through bonds issued by the Development Finance Authority of Summit County. RBC Capital Markets served as underwriter for the bond financing.

Led by attorneys Louis Quinn, Jr. and Marina Speligene, Fishman Haygood served as legal counsel to Provident as well as Provident’s subsidiary PRG – Akron Properties LLC. Roetzel & Andress served as Bond Counsel and Ballard Spahr as Underwriter’s Counsel on the deal. Calfee, Halter & Griswold LLP was outside legal counsel to the University of Akron.

Our attorneys have experience in real estate development (housing, office, retail, mixed-use, and industrial); real estate finance; affordable housing, student housing, multi-family housing and condominiums; commercial leasing (Landlord and Tenant); business and commercial transactions, partnership syndications, public-private partnerships, and public finance transactions. Click here to learn more about the firm’s Real Estate group.