IUP authorized to buy dorm to pay off bank note

Share with others:


Print Email Read Later

The board of governors of the State System of Higher Education authorized Indiana University of Pennsylvania to buy a privately financed residence hall built five years ago on its Punxsutawney campus.

IUP is buying the 194-bed facility because Citizens Bank is seeking early repayment of a loan used to build it. IUP will buy it from University Acquisitions Inc., an IUP-affiliated entity, and pay off the bank note, estimated to cost $8.5 million. This is being done through State System tax-exempt bond financing, which will be backed by student rents.



Advertisement
Advertisement
Advertisement

You have 2 remaining free articles this month

Try unlimited digital access

If you are an existing subscriber,
link your account for free access. Start here

You’ve reached the limit of free articles this month.

To continue unlimited reading

If you are an existing subscriber,
link your account for free access. Start here