Citizens Closes $60M Bond Purchase to Fund Rhode Island Residence Hall
Danielle Balbi Oct. 23, 2015, 4 p.m.
Citizens Bank purchased a $60 million bond to fund the construction of a new residence hall at the private, non-profit college New England Institute of Technology in Rhode Island, Commercial Observer can first report.
“We are very pleased to have worked with Citizens Bank on this transaction,” New England Tech President Richard Gouse said in prepared remarks provided to CO. “The deal team atCitizens brought a number of great ideas to the table and executed the new transaction very well.”
The tax-exempt bond that the bank directly purchased from Rhode Island Health and Educational Building Corporation will finance the construction of a 420-bed residence hall at One New England Tech Boulevard as well as improvements in infrastructure across the college’s East Greenwich, R.I., campus.
New England Tech has a current enrollment of over 3,000 students, according to the bank.
“We are happy to help the New England Institute of Technology leadership achieve its strategic and financial goals,” said Citizens Bank President Marc Paulhus.