Preston Hollow Capital Completes Funding for The Highlander in Public-Private Partnership with Radford University, Virginia
DALLAS – (COMMERCIAL THREAD) –Preston Hollow Capital, an independent specialist municipal finance company that supports local communities with creative, flexible and reliable infrastructure financing, today announced the successful execution of a $ 34 million financing to finance the construction of The Highlander, an upscale 124-room hotel that helps advance Radford University’s academic mission with the advent of its hospitality program. The Highlander also provides much-needed amenities to the University and the surrounding community and has a rooftop restaurant and 4,000 square foot conference space, providing the University with the ability to attract and d ” host business conferences, exhibitions and university events.
Preston Hollow’s investment consists of a $ 34 million sustainability bond – a designation that allows investors to invest directly in bonds that fund socially beneficial and sustainable projects. The Sustainability Bonds were adopted based on the guidelines of the International Association of Capital Markets Sustainability Framework and the United Nations Sustainable Development Goals. Preston Hollow worked hand in hand with Radford University and the Radford University Foundation to execute the funding.
“The Highlander represents a bold step forward for this university and this community,” said Brian Hemphill, President of Radford University. “We identified a growing need for the University and began to think about solutions, which began with building a world-class team to make our vision for the hotel a reality. Preston Hollow Capital has been a true partner for the University, not only through its investment, but also through its expertise in building a team that ensures the long term success of The Highlander.
Radford University Foundation CEO John Cox said: “Seeing the field for The Highlander is an exciting day for the Radford University Foundation. The vision of the hotel has been at the center of the concerns of the University and the Foundation since 2019, and the support of Preston Hollow Capital has been a vital part of this project. The Foundation is thrilled with the Highlander and the positive impact it will have locally, regionally and beyond.
“As a financing solutions provider for The Highlander, Preston Hollow Capital is committed to advancing the social and community benefits of the project, and we appreciate the opportunity to work with Radford University, its foundation and others. valuable partners involved in the project, ”added Jim Thompson, President and CEO of Preston Hollow Capital. “The Preston Hollow team takes pride in their ability to execute complex transactions and close with certainty. We are confident that the addition of the Highlander will benefit not only Radford University, but also businesses and residents of the surrounding area, ”he added.
The official inauguration of the project took place on June 15e of this year, with completion scheduled in time for the family’s move-in for the start of the 2022 school year.
Provident Resources Group is the non-profit owner of The Highlander. SB Ballard, Inc. is the general contractor, with Blur Group as the architect. The Highlander will be managed by Aimbridge Hospitality.
About Preston Hollow Capital
Preston Hollow Capital is a market leader in providing specialized impact financing solutions for projects of significant social and economic importance to local communities in the United States. We have over $ 1.4 billion in ongoing equity and over $ 3 billion in investment capacity and, as a team, we bring decades of experience in helping communities achieve their financial goals. , sustainability and community impact. We do this through a unique partnership model and rigorous, disciplined credit underwriting and creative investment structuring focused on the speed, certainty and flexibility of our borrowers.