Not that uncommon - this at least is a non profit borrowing entity, Wisconsin has a house finance agency that just rents its charter/shell out to projects even outside the state of WI.PizzaSnake wrote: ↑Fri Jul 07, 2023 11:52 pm Weird mix: muni-bonds and privatized college housing.
“ NCCD-College Station Properties LLC failed to make a complete payment due July 1 for bonds issued to build the complex near the Texas A&M University campus in College Station, according to a regulatory filing.
The project, known as Park West, has struggled despite fast-growing enrollment at the school. While the complex boasts volleyball courts, three resort-style pools and a clubhouse, it is located in an area that’s far away from restaurants and entertainment venues.
An audit of the borrower by accounting firm Maxwell Locke & Ritter LLP last year said failure to refinance the debt or boost its revenue to meet the debt payments “could result in the company having to curtail or cease operations.”
A Texas conduit agency sold over $360 million of municipal bonds for the project on behalf of the company in 2015, and most of that is still outstanding, according to data compiled by Bloomberg. The sole member of the LLC is National Campus and Community Development Corp., a nonprofit that finances student housing projects.”
https://finance.yahoo.com/news/texas-lu ... 21758.html
https://www.nalhfa.org/assets/docs/Advo ... ity-Bo.pdf