Ohio County Authority Looks to Raise $157.6M for Student Housing

Dow Jones11-21

By Paulo Trevisani

The Development Finance Authority of Summit County, Ohio, plans to issue $157.6 million in bonds for student housing.

The Student Housing Revenue Bonds include $157.3 million in tax-exempt Series 2025A bonds structured as both serial bonds, maturing between 2030 and 2035, and term bonds respectively maturing in 2045, 2055, 2060 and 2065, according to a preliminary statement published Wednesday on MuniOs. The revenue bonds also include taxable Series 2025B bonds amounting to $290,000, maturing in 2030.

Coupon and interest rates weren't available. The statement's debt-service schedule assumes an interest rate of 4.989% for the 2025A series and 5.299% for the 2025B bonds.

The county's Development Finance Agency will lend the proceeds to PRG - Akron Properties for a long-term ground lease and ownership interest in the student-housing assets of the University of Akron. The facilities include 2,323 residential beds after redevelopment.

The bonds are payable from revenue derived by the ownership or operation of the project, after certain exclusions. University of Akron projects about $14 million in net academic-year rental revenue for the fiscal year ending in June 2027, according to the official statement.

The Series 2025 Project is intended to redevelop and revitalize the University's current on-campus housing portfolio. Spanton Hall and Bulger Hall are slated to be redeveloped, while Honors Hall, Exchange Street (Residence) Hall, South Hall, and Spicer Hall are set to undergo renovations.

S&P has rated the bonds AA. The underwriter is RBC Capital Markets.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

November 20, 2025 14:10 ET (19:10 GMT)

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Ohio County Authority Looks to Raise $157.6M for Student Housing

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