$54.550 Million Bond Financing Closes for Second Phase of Stockton University Atlantic City Campus

Tuesday, May 25, 2021

Anthony Coscia, John Bitar, Chuck Liebling and Michael Brenna represented Atlantic City University Housing Associates LLC and ACDEVCO as borrower/developer counsel in connection with the issuance of the $54.550 million Stockton University General Obligation Lease Revenue Bonds, Series 2021A, for purposes of financing Stockton University’s Atlantic City Campus Phase 2 Project. The bonds were issued through the Atlantic County Improvement Authority (ACIA), and the Phase 2 Project is a new student housing facility for this successful satellite campus. The firm also represented the client in obtaining approvals for the Phase 2 Project and in connection with a loan for the project of approximately $10 million from the Casino Reinvestment Development Authority (CRDA).

This financing is a continuation of the firm’s Phase 1 work at Stockton University’s Atlantic City campus where, in recent years, we represented ACDEVCO and its affiliates in the development of new academic and residential facilities for Stockton University, as well as a new HQ for South Jersey Gas, which shares the same building. The firm handled all negotiations with municipal and state entities for approvals; redevelopment agreements; land acquisition; leases; and bond and loan financing for the project.