Kutak Rock served as counsel to the University of Rhode Island in connection with the issuance of the Rhode Island Health and Educational Building Corporation $196,270,000 Student Housing Revenue Bonds (PRG – RI Properties LLC), Senior Series 2025A and $14,580,000 Student Housing Revenue Bonds (PRG – RI Properties LLC), Subordinate Series 2025B. Proceed of the Bonds financed the development, construction, furnishing, and equipping of two new on-campus undergraduate student housing communities and one graduate housing community on its Kingston, Rhode Island campus: (i) an approximately 135,177 gross square foot apartment-style building with approximately 400 undergraduate student beds; (ii) an approximately 173,739 gross square foot apartment-style building with approximately 514 undergraduate student beds; and (iii) one (1) on-campus graduate student and family housing community comprised of a mix of studio, one-bed, two-bed and three-bed apartment style units with a total of approximately 200 student beds.

The Project is structured as a public-private partnership, where the University will ground lease the Land to a tax-exempt nonprofit entity, that will engage a developer and manager and finance the Project through the issuance of Bonds. The P3 model is a delivery approach which allows the University to secure the anticipated advantages of increased speed of delivery, guaranteed maximum price and firm delivery date, and sharing risk with the private sector.

Kate Starick, Heather Puckette, and Fred Marienthal worked on this financing.