DALLAS–(BUSINESS WIRE)–Dallas-based Preston Hollow Capital, an independent specialty municipal finance company, today announced that the Washington, DC Economic Partnership (“WDCEP”), which promotes DC’s economic and business opportunities, has presented Howard University with the 2019 Michael V. Hodge Revenue Deal of the Year Award for the University’s Harriet Tubman Quadrangle Project. Preston Hollow Capital is the sole investor on the nearly $70 million financing, which closed in June 2019. The Project utilized an innovative financing structure whereby Howard University leased the Quadrangle to the Provident Group – Tubman Quad Properties, Inc., a nonprofit corporation, for an initial term of 41 years.
The winning project provided for the modernization, furnishing and equipping of the Howard University Harriet Tubman Quadrangle, a five-hall complex that serves as housing for freshman female students on the University’s main campus in Washington, DC. Named for the courageous abolitionist, the Harriet Tubman Quadrangle was originally constructed in two phases – Crandall Hall, Frazier Hall and Truth Hall, completed in 1929, with Wheatley Hall and Baldwin Hall completed in 1948. The Quadrangle Project was completed and available for occupancy in August 2019.
“Howard University’s positive impact in historically underserved communities is well-established, and we are proud to support this mission while again partnering with them on a project deemed vital to the campus,” said Ramiro Albarran, Co-Head of Originations at Preston Hollow Capital. “This award is a recognition of the ingenuity, creativity and perseverance that everyone showed on this transaction, particularly our great partners at Howard, and we look forward to continuing to work the Administration on future projects.”
The Michael V. Hodge Revenue Deal of the Year Award honors the District of Columbia Revenue Bond Program’s top revenue bond-financed deal based on the contribution to the District and unique financing structure. The award is named after the agency’s first director.
About Preston Hollow Capital
Preston Hollow Capital (www.phcllc.com) is the leading solution provider in municipal finance. Headquartered in Dallas, Preston Hollow Capital is an independent municipal finance company with over $1.4 billion in permanent equity capital and over $2.8 billion in investment capacity from a diverse investor base comprised of founding management, institutional investors including funds managed by Stone Point Capital LLC and HarbourVest Partners, and several prominent family offices. Since being founded by Chairman & CEO Jim Thompson in 2014, PHC has closed over $2 billion in transactions across a variety of sectors of the municipal bond market including real estate, senior living, K-12 and higher education, healthcare, infrastructure, general government and economic development. PHC differentiates itself with its ability to deliver capital with speed, certainty and flexibility.
Max Pickle, Preston Hollow Capital