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State of Colorado on behalf of Colorado School of Mines

Golden, CO

$44,249,000

Fixed rate construction-to-permanent CTL Private Placement Bond financing.
  • To-be-built 107 unit student housing facility for the Colorado School of Mines
  • Leasehold interest in a thirty (30) year NNN sub-lease to the State
  • State sub-lease is subject to an unsubordinated ground lease for thirty (30) years with the State as Ground Lessor
  • State sub-lease is subject to annual lease appropriations risk
  • Construction risk mitigated with Surety Bond for Performance and Payment, GMP Contract and Repayment Guaranty from Borrower/Indemnitors
  • Staged bond fundings over 22 month I/O construction period saved Borrower >$1,600,000 in interest costs
  • 19.3 yr. average life with 31.8 yr. final maturity
  • >100% Loan to Cost