Pace University announced the closure of it $100 million bond offering Thursday as a part of its master plan to revitalize its Pleasantville campus.
Westchester County Local Development Corp. offered the bonds for two weeks, issuing $85.7 million in two fixed-rate bonds due in 2034 and 2042, and $14.9 million in variable-rate bonds due in 2044.
The funding will be used for two new residential halls with living-learning spaces, enhanced athletic facilities and fields, an upgraded student center and dining hall, as well as a new environmental center.
“We are very pleased with the market reception to our bond issue,” said Pace University President Stephen J. Friedman in a press release. “Investors”™ strong interest in these bonds reflects confidence in the future of Pace University. The Pleasantville master plan is part of a broader project to further build the academic and student life and attractive power of the Pleasantville campus.”
The campus changes are expected to help the university entice additional students to enroll, as well as help sell its Briarcliff location. The university’s goal is to create a more modern residential campus to enhance student life and students’ educational experience.
Recently, the university also renovated its science labs and began new academic and extracurricular offerings.
Nearly 13,000 students are enrolled in the university between its campuses in New York City and Westchester County. Pace is the 13th-largest employer in the Westchester.
