The Firm served as counsel to both The North Carolina A&T Foundation, Inc. (a North Carolina nonprofit corporation created for the benefit of North Carolina Agricultural & Technical State University) and The NCA&T University Foundation, LLC (a North Carolina single-purpose limited liability company controlled by The North Carolina A&T Foundation, Inc. and created as the ownership entity) in connection with the $50,250,000 North Carolina Capital Facilities Finance Agency Student Housing Facilities Revenue Bonds, Series 2004A and 2004B. Tangibly, the Firm’s efforts resulted in the refunding of existing project debt and the financing of a 439-bed student housing facility (Aggie Pride Hall), a child development center, a fitness facility, and a state-of-the-art conference and events center named the Alumni Foundation Event Center. As counsel, the Firm provided deal structuring advice, organized corporate entities, assisted in due diligence review (including review of financing and various transactional documents), drafted various transactional agreements (including ground leases, property leases and UCC security agreements) and legal opinions (including non-consolidation opinions), conducted transactional negotiations, obtained organizational and governmental approvals, and addressed various property issues (including title research).
In 2009, the Firm represented Bennett College for Women in connection with the $21,000,000 Rice Capital Access Program, LLC Future Advance Project Funding Bond, Series A 2009 (Bennett College Project). On behalf of the college, the Firm negotiated and drafted transactional documents (bond, contractor, property), represented the College before local governing bodies, negotiated and drafted title documents, conducted title work and addressed legal property issues. The Firm’s work resulted in the construction of a new 144-bed honors residence hall (the “Honors Dormitory”), a 24,000 square foot multi-purpose building (the “Global Learning Center”)including office, meeting and curriculum-oriented retail space, a learning center (the “Children’s House/Intergenerational Center”), and selected campus renovations including the construction of a multipurpose athletic track.
The Firm served as Special Counsel to the Winston-Salem State University Housing Foundation, LLC in connection with the execution and delivery of $18,835,000 aggregate principal amount of Certificates of Participation (Winston-Salem State University Student Housing Project), Series 2006, evidencing proportionate undivided interests in rights to receive certain revenues, including rental payments under a Lease Agreement between the State of North Carolina and the Winston-Salem State University Housing Foundation, LLC. The proceeds of the certificates were used to finance the cost of the construction, acquisition and equipping of an approximately 316-bed student housing facility (“Foundation Heights”) on the campus of the university. The Firm conducted due diligence reviews (including review of ground lease, property lease, use agreements, UCC security agreements, and resolutions), assisted in obtaining organizational and governmental approvals, drafted closing documents, and delivered authorization and supplemental legal opinions.
In 2011, the Firm served as Company Counsel to Fayetteville State University Housing, LLC, a single purpose-limited liability company controlled by Fayetteville State University, in connection with the $20,715,000, Series 2011, Limited Obligation Bonds (Student Housing Project). The Firm organized all necessary corporate entities, completed and submitted the federal tax exemption application for a related affiliate of the single-purpose entity, reviewed construction documents, assisted the University with its disclosure requirements, reviewed bond documents (lease, use agreement, deed of trust, official statement, trust indenture, etc.), performed all title work and served as the closing attorney, and delivered all necessary legal opinions. The bond proceeds were used to construct, equip and furnish a 336-bed student housing facility that will be known as Renaissance Hall.
North Carolina A&T State University
Winston-Salem State University Foundation Heights