Firm Client Provident Serves as Borrower in Issuance of $210M in Tax-Exempt Bonds for University of Rhode Island Student Housing Project

A subsidiary of Fishman Haygood client Provident Resources Group, Inc. (Provident), PRG – RI Properties LLC, is serving as borrower in the issuance of $210 million in tax-exempt bonds to finance the construction of on-campus housing at the University of Rhode Island (URI). Provident is a national nonprofit organization that undertakes projects and partnerships designed to promote education, health, and other charitable purposes. Read more about the nonprofit’s latest project here.

Aimed at modernizing student housing, this public-private partnership (P3) will build two new residence halls and reconstruct a graduate student apartment complex on URI’s campus. The residence halls will feature 239 total two- and four-bedroom apartment units spanning nearly 309,000 square feet. Amenities include expanded study spaces, community wellness rooms, a grab-and-go café, and walking and bike paths. The apartment complex will feature 152 units covering nearly 85,000 square feet. A revived community garden and enhanced community center are among the amenities planned at the complex. Together, the three completed projects will represent an increase in the number of on-campus beds by more than 2,000 since 2012.

The project is funded through bonds issued by the Rhode Island Health Educational Building Corporation and secured by the project’s revenues, ensuring no taxpayer dollars are utilized. Raymond James serves as underwriter for the tax-exempt bond financing.

Led by attorneys Louis S. Quinn, Jr. and Marina Speligene, Fishman Haygood served as legal counsel to Provident’s subsidiary PRG – RI Properties. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as Bond Counsel and Ballard Spahr LLP as Underwriter’s Counsel on the deal.

Notably, Fishman Haygood also provided counsel to Provident and its subsidiaries on the closings of three student housing deals earlier this spring. Read more here.

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.