Infrastructure & Real Estate Edgemoor and the University of Kansas have reached financial close of the Center District Development P3 Project for the amount of US$350 million. Project Finance Advisory Limited (PFAL)​ has acted as financial advisor to Edgemoor for this transaction.

The transaction will result in the construction of: a new integrated sciences building, student housing facilities including apartments​, a residence hall with suite-style rooms and a dining center ,a new student union building, a central utility plant, and Infrastructure improvements including parking facilities, road realignment, and utility upgrades.

Edgemoor will be responsible for delivering the new infrastructure over a 2.5-year program under a fixed price, date-certain contract and for providing certain operations and maintenance services under a separate contract.

KU will make annual lease payments to a newly formed special purpose company, the KU Campus Development Corporation, sufficient to cover all debt service requirements.

The financial structure consists of 100% tax exempt debt. The 30 year bonds were rated Aa2 by Moody’s and have an average life of just under 20 years. The bonds were sold at a favorable all-in interest rate of 3.76%. JP Morgan acted as the lead underwriter and bookrunner.