Kutak Rock served as Special Tax Counsel in connection with the issuance of $158,205,000 in aggregate principal amount of the Development Finance Authority of Summit County Student Housing Revenue Bonds (PRG - Akron Properties LLC – The University of Akron Project), Series 2025A and $290,000 in aggregate principal amount of the Development Finance Authority of Summit County Taxable Student Housing Revenue Bonds (PRG - Akron Properties LLC – The University of Akron Project), Series 2025B. 

The Series 2025 Bonds were issued for the (i) acquisition of a long-term ground lease in certain property and an interest in, resulting in the ownership by the Borrower of, the student housing assets of The University of Akron located at Spanton Hall, Bulger Hall, Honors Hall, Exchange Street (Residence) Hall, South Hall and Spicer Hall, comprising approximately 2,323 residential beds after redevelopment work, and the related real estate, fixtures, equipment and facilities; (ii) associated site development, demolition of existing improvements, common area space, and off-site infrastructure improvements; (iii) the acquisition, construction, furnishing and equipping of other capital projects to be owned by the Borrower 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 2025 Bonds, including amounts required to pay premiums for the Build America Mutual Assurance Company bond insurance policies.

Fred Marienthal and Matthias Edrich worked on this transaction.