DASNY Closes $74.8M Bond for Iona U.
Campus Improvements, Debt Refi
ALBANY–The Dormitory Authority of the State of New York announced on June 24 it had closed on a $74.8 million bond issuance for Iona University that will finance capital projects adding up to 170 new student beds, creating a 2.44-acre green space and upgrading academic and athletic facilities across the university’s New Rochelle and Bronxville campuses. The proceeds will also be used to refinance existing debt of approximately $48 million.
The financing includes the following major campus improvement projects:
New Rochelle Campus:
• Construction of a 2.44-acre green space featuring walking paths and areas for gathering.
• Renovation of lab infrastructure supporting organic chemistry, media, and e-sports programs.
• Renovation of the LaPenta Student Union and the Hynes Athletics Center, including upgrades to HVAC systems, boilers and water system upgrades.
Bronxville Campus:
• Refurbishment of student residential space including upgraded bathrooms and HVAC systems.
• Upgrades to the student lounge space known as the Commons.
• Renovation of tennis courts, including renovation of the building adjacent to the tennis courts known as the Meyers Athletic Center.
The transaction also includes the refinancing of approximately $41 million of the university’s existing Series 2015A Bonds and approximately $7 million of a taxable bank loan.
DASNY President and CEO Robert J. Rodriguez and Iona University Senior Vice President for Finance and Administration Nathaniel Kane described the financing as the means to create more vibrant, modern living and learning environments across both campuses. These upgrades, they noted, reflect both a commitment to student success and advancements in those two communities.
The bonds were structured as fixed rate, tax-exempt bonds. Loop Capital Markets served as senior manager for the transaction. The bonds were sold via a negotiated offering on June 5, 2025, and achieved a True Interest Cost (TIC) of 4.89%. Co-bond counsel for the transaction were Mintz and McGlashan Law Firm, P.C. and underwriter’s counsel was Nixon Peabody LLP. The bonds closed on June 18, 2025.
Published: June 25, 2025