Oakland City University, located in southwest Indiana, plans to construct a $14.9 million residence hall and alumni lodge. McGuire Sponsel was engaged by the university to procure financing for the housing and mixed-use development, including the impact that it would have on its financials. The 30,000 square-foot residence hall will have two floors and house an additional 100 students. The 13,000 square-foot alumni lodge will allow for overnight accommodations, have a conference and hospitality suite, and space for retail.
To assist with the capital stack, the Indiana Economic Development Corporation (IEDC) through the Indiana Regional Cities Initiatives will provide $2.9 million for the project. The Indiana Regional Cities Initiative cites Dr. Robert Yeager, vice president for administration and finance at Oakland University as stating, “Oakland City University is pleased to be a part of the Regional Cities Initiative. We believe the outcome of this project will open up opportunity for students and the overall economy of Oakland City and Gibson County, as well as aid in the overarching goals of Indiana’s Great Southwest.”
Inside Indiana Business cites Southwest Indiana Regional Development Authority President Beth McFadin Higgins as stating, “Both the Oakland City University Boulevard Commons and the Regional Medical Center perfectly align with the goals of the Indiana’s Great Southwest plan for attracting and retaining talent while building a better quality of place.”
When can McGuire Sponsel assist with your next financing opportunity?
- Refinance on Existing Loan
- Review of Current Bank Terms & Structure
- New Construction or Expansion
- Purchase of a Facility or Equipment
- Acquisition or Merger
- Lines of Credit
If you are questioning whether your business, organization or client can benefit from financing services, please contact McGuire Sponsel to assist in a free valuation.