Oklahoma University Cross Village Student Housing ProjectNews | April 7, 2017
Kutak Rock served as underwriter’s counsel in the Oklahoma Development Finance Authority’s issuance of $251,680,000 Revenue Bonds (Provident Oklahoma Education Resources, Inc. – Cross Village Student Housing Project) Tax Exempt Series 2017A and Federally Taxable Series 2017B, which closed March 10, 2017.
This project is a public-private development which will consist of four, four-story mixed-use residential hall buildings containing 412 units (1,219 beds) with approximately 40,000 square feet of retail, dining, and other academic spaces as well as an approximately 1,000-space parking garage to be constructed on the Norman campus of the University of Oklahoma. Provident Oklahoma Education Resources, Inc., an Oklahoma 501(c)(3) organization, is the borrower in the financing and the operator of the student housing facilities. The Bonds are special, limited obligations of the Oklahoma Development Finance Authority payable solely and exclusively from payments required to be made by the Borrower under the Loan Agreement and pledged under a Trust Indenture for repayment of the Bonds.