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Private College Seeks Debt Refinancing to Purchase Medical School
Touro University College of Osteopathic Medicine
Midtown Manhattan
Private College Seeks Debt Refinancing to Purchase Medical School
Touro University College of Osteopathic Medicine
Midtown Manhattan
Touro’s credit rating had previously been downgraded, leading its existing banking group to consider abandoning our client’s credit in economically challenging times. The university had approximately$43.6M outstanding in variable rate demand bonds—secured by bank letters of credit. To compel Touro to take out the bonds, the bank had more than doubled the fee for the letter of credit.
Private College Seeks Debt Refinancing to Purchase Medical School
Touro University College of Osteopathic Medicine
Midtown Manhattan
The university had entered along-term swap to fix the rate on its variable rate demand bonds. Refinancing the bonds could have resulted in a $7M pre-payment penalty.
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Private College Seeks Debt Refinancing to Purchase Medical School
Touro University College of Osteopathic Medicine
Midtown Manhattan
Private College Seeks Debt Refinancing to Purchase Medical School
Touro University College of Osteopathic Medicine
Midtown Manhattan
In arranging these financings, the ThinkForward team utilized its expertise in both financing structures and real estate valuation. We maximized financing proceeds at low interest rates, resulting in significant debt service savings for Touro. The loan ensured the successful conversion of the apartment building into a student housing residence, a valuable new asset for the university.
The Touro University System is America’s largest and fastest-growing independent institution of higher education under Jewish auspices. A leader in healthcare education, Touro serves more than 18,000students across 30 undergraduate, graduate, and professional schools.
Private College Seeks Debt Refinancing to Purchase Medical School
Touro University College of Osteopathic Medicine
Midtown Manhattan
Touro’s credit rating had previously been downgraded, leading its existing banking group to consider abandoning our client’s credit in economically challenging times. The university had approximately$43.6M outstanding in variable rate demand bonds—secured by bank letters of credit. To compel Touro to take out the bonds, the bank had more than doubled the fee for the letter of credit.
The university had entered along-term swap to fix the rate on its variable rate demand bonds. Refinancing the bonds could have resulted in a $7M pre-payment penalty.
In arranging these financings, the ThinkForward team utilized its expertise in both financing structures and real estate valuation. We maximized financing proceeds at low interest rates, resulting in significant debt service savings for Touro. The loan ensured the successful conversion of the apartment building into a student housing residence, a valuable new asset for the university.
College of Osteopathic Medicine
$68,600,000
“Alone, we had exhausted all avenues in our effort to procure a new lender…and at a time that our debt service obligations had increased markedly. ThinkForward had the lender relationships to make a difference.”
CLIENT
Touro’s credit rating had previously been downgraded, leading its existing banking group to consider abandoning our client’s credit in economically challenging times. The university had approximately$43.6M outstanding in variable rate demand bonds—secured by bank letters of credit. To compel Touro to take out the bonds, the bank had more than doubled the fee for the letter of credit.
The university had entered along-term swap to fix the rate on its variable rate demand bonds. Refinancing the bonds could have resulted in a $7M pre-payment penalty.
In arranging these financings, the ThinkForward team utilized its expertise in both financing structures and real estate valuation. We maximized financing proceeds at low interest rates, resulting in significant debt service savings for Touro. The loan ensured the successful conversion of the apartment building into a student housing residence, a valuable new asset for the university.
The Touro University System is America’s largest and fastest-growing independent institution of higher education under Jewish auspices. A leader in healthcare education, Touro serves more than 18,000students across 30 undergraduate, graduate, and professional schools.
