Kutak Rock served as counsel to Provident Group – Williamsburg Properties LLC in connection with the issuance by the Economic Development Authority of the City of Williamsburg, Virginia of its $217,165,000 aggregate principal amount Student Housing Revenue Bonds (Provident Group – Williamsburg Properties LLC – William & Mary Project), Series 2023A and the issuance by the Economic Development Authority of the City of Williamsburg, Virginia of its $24,960,000 aggregate principal amount of Dining Lease Revenue Bonds (Provident Group – Williamsburg Properties LLC – William & Mary Project), Series 2023B.

The Authority issued the Series 2023A Bonds for the purpose of providing funds to finance and refinance the costs of (1)(a) a student housing facility preliminarily referred to as “Jamestown East” that is expected to be a single four-story building with approximately 269 beds and one staff studio apartment and related amenity, common, and courtyard space, (b) improvements and renovations to the existing student housing facilities referred to as Lemon Hall and Hardy Hall within those existing facilities, (c) a student housing facility preliminarily referred to as “West Woods Phase 1a” that is collectively expected to be four, four-story, buildings with approximately 935 beds and related amenity, common, and courtyard space, which will include the demolition and removal of adjacent buildings,  (d) the site work, foundations and exterior walls, including windows and a loading dock, for a 2-story building containing a dining room and servery within building number 4B of the West Woods 1a Improvements, and (e) off-site site development work (grading, seeding, walkways, and internal roadways), infrastructure improvements (water, sanitary, electrical, fiber optic, and gas), temporary storm water retention facilities, and a pedestrian bridge related to the 2023A Student Housing Facilities; (2) the acquisition of a ground lease and leasehold interest in Lemon Hall and Hardy Hall and the related real estate, fixtures, equipment and facilities; and (3) the acquisition, construction, furnishing, and equipping of other capital projects at the campus of the University and for reserves, working capital, capitalized interest, costs of issuance and other financing expenses related to the issuance of the Series 2023A Bonds, including amounts required to pay premiums for the Series 2023A Bond Insurance Policy and the Series 2023A Reserve Policy.

The Authority issued the Series 2023B Bonds for the purpose of providing a portion of the funds necessary  to finance and refinance the costs of (i) the interior finish-out of a kitchen, back of house, dining rooms, servery, and public restrooms, on the ground floor of a student housing building; (ii) constructing, furnishing, and equipping a dining facility to be known as “West Woods Dining” to be located on the campus of The College of William and Mary in Virginia in the City of Williamsburg, Virginia; (iii) the acquisition, construction, furnishing, and equipping of other capital projects at the campus of the University; and (iv) amounts required for reserves, working capital, capitalized interest, costs of issuance and other financing expenses related to the issuance of the Series 2023B Bonds.

Fred Marienthal and George Scruggs Jr. worked on this financing.