California Authority To Offer $84 Million in Bonds for Student Housing
By Patrick Sheridan
The California Municipal Finance Authority is selling approximately $84 million in tax-exempt bonds for student housing at Cabrillo College in Aptos, California.
The Authority will offer $78.1 million in Senior Series 2025 A Student Housing Revenue Bonds as well as two term bonds. The Authority will also sell approximately $6 million in Subordinate Series 2025 B debt comprising a term bond, according to the preliminary limited offering memorandum posted Friday on MuniOS. Pricing is slated for Oct. 9, 2025 with closing on Oct. 23, according the roadshow document.
Interest on the bonds will be payable semiannually on each Jan. 1 and July 1, commencing on Jan. 1, 2026.
The bonds are limited obligations of the Authority payable solely from, and secured by, the pledge of the trust estate.
Proceeds will be loaned to the investment vehicle for student housing at Cabrillo College known as the Collegiate Housing Foundation and CHF-Aptos LLC. Monies will be used to finance a portion of the cost of the development, construction and equipping of a 647-bed Student Housing Facility, an approximately 5,940 square foot Childcare Center and an approximately 2,173 square foot District Space within the boundaries of Cabrillo College. Funds will also be used to pay the cost of bond issuance among other expenses.
Besides students at Cabrillo College, the housing units will also be available as off-campus housing for students at University of California Santa Cruz located 8.5 miles away, according to the roadshow document.
Cabrillo College is a public community college which opened in 1959 and offers associate degrees and certificates in more than 70 fields serving more than 17,000 students per year in two locations, according to its website.
S&P Global Ratings has issued a BB rating to the Series 2025 A bonds. The Series 2025 B bonds are not rated.
Raymond James is the underwriter on the offering.
Write to Patrick Sheridan at patrick.sheridan@wsj.com.
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(MORE TO FOLLOW) Dow Jones Newswires
September 29, 2025 15:08 ET (19:08 GMT)
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