The new, four-story residence at 117th and Euclid Ave.
CLEVELAND—In a deal led by KeyBanc Capital Markets Inc., the corporate and investment banking arm of Cleveland-based KeyCorp, the Ohio Higher Educational Facility Commission expects to issue approximately $17.5 million in Higher Educational Facility Revenue Bonds for the Cleveland Institute of Art, one of the nation's leading accredited independent colleges of art and design, located in the heart of Cleveland's cultural district.
The tax-exempt bonds will be primarily used for paying the costs of acquiring and furnishing a four-story, 79,000-square-foot student housing facility located at East 117th Street and Euclid Avenue. The bonds, rated BB by S&P Global Ratings, are currently scheduled to price on September 11, 2018.
“Our mission is to nurture the intellectual, artistic and professional development of students and community members through rigorous visual arts and design education,” said Grafton Nunes, President at the Cleveland Institute of Art. “As part of that mission, we continually look for ways to enhance the on-campus experience for our students. Through this financing, we're able to offer more housing options and accessibility to our facilities, which is particularly helpful for many of our out-of-state students.”
The Cleveland Institute of Art enrolls approximately 625 students from around the globe, supported by its 53-full time and 69 adjunct faculty. It also recently completed a $75 million campaign that financed a Campus Unification and Modernization Project.
“It was an honor to work with the Institute and Commission on the financing for this project, which will help bring students to the area and further enhance Cleveland's cultural district,” said Tim Kelly, director at KeyBanc Capital Markets.
Earlier this year, KeyBanc Capital Markets Inc. led a deal for Cleveland-Cuyahoga County Port Authority, which issued approximately $75 million in Cultural Facility Revenue and Refunding Bonds for Playhouse Square located in downtown Cleveland.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
