Build NYC, Manhattan College
Manhattan College, a Lasallian Catholic university with 3,500 students located in the Riverdale section of the Bronx faced outstanding tax-exempt debt issued by the Dormitory Authority of the State of New York (“DASNY”) in 2000. The proceeds from those DASNY bonds, which carried a 5.50% interest rate, were used to finance the costs for the construction of the college’s library and to refinance the then outstanding DASNY bonds.
With the help of Build NYC, Manhattan College closed on a $21,420,000 bond transaction, the proceeds of which redeemed and refinanced the college’s outstanding tax-exempt debt issued by DASNY. The availability of tax-exempt bond financing through Build NYC is expected to help the college achieve significant interest savings, up to approximately $640,000 in annual debt service. The savings from this transaction will allow the college to redirect financial resources to its mission of continuing to provide an affordable education to a broader spectrum of students. TD Bank directly purchased the bonds. Build NYC’s board of directors authorized the project at its March 13 and June 12 meetings.