Kutak Rock Serves as Bond Counsel for M @ College ProjectNews | December 30, 2020
Kutak Rock served as Bond Counsel in connection with the issuance of the California Enterprise Development Authority’s $55,940,000 Student Housing Revenue Bonds (Provident Group – SDSU Properties LLC – M @ College Project) First-Tier Series 2020A and its $12,150,000 Student Housing Revenue Bonds (Provident Group-SDSU Properties LLC – M @ College Project) Second-Tier Series 2020B.
The Series 2020 Bonds were used by the Authority to make a loan to Provident Group – SDSU Properties LLC, whose sole member is Provident Resources Group Inc. The Series 2020 Bonds financed the (i) acquisition from Capstone-San Diego LLC of a student housing facility known as M @ College, an 85-unit (327 beds) student housing facility located at 5030 College Avenue San Diego, California 92115 developed and constructed by Capstone and being operated primarily for students of San Diego State University; (ii) funding of a debt service reserve fund for the Series 2020A Bonds; (iii) funding of a COVID-19 Coverage Fund; and (iv) payment of the costs of issuing the Series 2020 Bonds. The Series 2020A Bonds are rated “Baa3” by Moody’s Investors Service, Inc.