Saint Martin’s University secures largest funding package in its history

June 28, 2007

Lacey, WA – Saint Martin’s University today closed on the largest financing in its history. The $36 million bond financing will be used to build a new residence hall and academic building on the Lacey campus and refinance the University’s outstanding debt. The residence hall will accommodate 260 students, relieve crowded housing and enhance students’ academic experience. The academic building will incorporate state-of-the-art technologies in expanded classroom and laboratory space.

The Washington Higher Education Facilities Authority assisted the University by providing tax-exempt financing. The firm of George K. Baum served as the transaction’s investment banker and KeyBank provided financial assistance in the form of a letter of credit. This financing will allow the University to streamline its debt administration and take advantage of current low interest rates.

Mithun Partners designed the new residence hall and Lorig Associates are providing project management services. The new facility will complement existing campus buildings and the Lacey community. The new residence hall is expected to be ready for students in the fall of 2008 and will house freshmen and sophomores.

In the summer of 2006, Saint Martin's University demolished its old maintenance building, which housed not only maintenance operations, but also the bookstore, several engineering labs and Abbey offices. The University is currently working with McGranahan Architects to plan and design the new academic building. The new facility will contain much-needed classroom space as well as engineering labs to accommodate Saint Martin’s growing student population. The new building will be approximately 20,000 square feet in size. Both projects are designed in coordination with Saint Martin’s campus master plan, and will complement existing campus buildings and architecture.

Saint Martin’s University is an independent four-year, Catholic, coeducational university located on a 320-acre wooded campus in Lacey, Washington. Established in 1895 by the Catholic Order of Saint Benedict, the University is one of 18 Benedictine colleges and universities in the United States and Canada, and the only one west of the Rocky Mountains. Saint Martin’s University prepares students for successful lives through its 21 majors and six graduate programs spanning the liberal arts, business, education and engineering. Saint Martin’s welcomes 1,250 students from many ethnic and religious backgrounds to its main campus, and 650 more to its five extension campuses located at Fort Lewis Army Post, McChord Air Force Base, Olympic College, Centralia College and Tacoma Community College.

For additional information:

Mary Sigmen
Vice president of finance
Saint Martin’s University
360.438.4534
msigmen@stmartin.edu