PLEASANTVILLE, N.Y. -- Pace University has announced that it issued $100.6 million par amount of tax-exempt fixed and variable rate bonds that will primarily fund the first phase of its master plan for the revitalization of its Pleasantville campus and to pave the way for future growth.
The first phase of Pace’s master plan for Pleasantville includes two new state-of-the-art residence halls with living-learning spaces, enhanced athletic facilities and fields, an upgraded student center and dining hall and new environmental center facilities.
These transformative changes allow for the sale of the Briarcliff location and will enhance student life on campus. More open green space, including a central campus “green,” and additional pedestrian pathways are also part of the planned enhancements.
The Westchester County Local Development Corporation recently offered the Pace University Revenue Bonds, Series 2014A, which are secured by a pledge of revenues and by a mortgage. Pace issued $85.7 million in two fixed-rate, sinking fund bonds due in 2034 and 2042 (Series A) and $14.9 million of variable rate bonds due in 2044 (Series B).
“We are very pleased with the market reception to our bond issue,” said Pace University President Stephen J. Friedman. “Investors’ strong interest in these bonds reflects confidence in the future of Pace University. The Pleasantville master plan is part of a broader project to further build the academic and student life and attractive power of the Pleasantville campus. It is a major strategic initiative for Pace University.”
As Westchester County’s 13th largest employer, Pace contributes approximately $64 million annually to the county’s economy in direct and indirect spending.
“With this project we will realize our vision for a modern residential campus designed to enhance the educational experience and improve student life at Pace University in Pleasantville,” said William J. McGrath, senior vice president and chief operating officer of Pace’s Westchester campuses.