IUP authorized to buy dorm to pay off bank note

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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.



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