By Zaeem Shoaib
The Washington State Housing Finance Commission seeks to issue $519.8 million in bonds to address a need for new student housing at the University of Washington's Seattle campus.
The commission plans to issue $487.2 million of Nonprofit Revenue Bonds, Series 2025A, and $32.6 million of Subordinate Nonprofit Revenue Bonds, Series 2025B, according to documents posted Wednesday on MuniOs.
The 2025A bonds are due July 1 from 2029 to 2040, with four term bonds due July 1 from 2045 to 2064. The 2025B bonds consist of a term bond due July 1, 2064.
Interest on the bonds is payable semiannually on each Jan. 1 and July 1, commencing on Jan. 1, 2026.
The bonds are expected to be priced in the week of May 12.
The Washington State Housing Finance Commission is authorized to issue nonrecourse revenue bonds to make funds available at affordable rates to finance nonprofit and housing facilities in the state.
The commission will use proceeds of the bonds to provide part of the funds with which to acquire a loan made to Provident Group - SH II Properties, a Washington limited liability company the sole member of which is Provident Resources Group, a Georgia nonprofit corporation. Provident Group - SH II Properties is obligated to make payments to the Commission that will be used to pay debt service on the bonds.
Proceeds from the loan will be used to assist with the acquisition by ground lease, demolition of two existing facilities, and construction and equipping of a 1,012-bed facility to be known as Blakeley Village and a 341-unit facility and a 12,000 square-foot child-care building to be known as Laurel Village.
The loans' proceeds will also be used for the funding of a debt-service reserve fund, the payment of capitalized interest with respect to the bonds and the payment of certain working capital expenditures with respect to the facilities.
Barclays and Raymond James are serving as lead managers on the issuance.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
May 07, 2025 12:56 ET (16:56 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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