The Financing Adds Up to 170 Student Beds Across the University’s Two Campuses and Creates a New Green Space on the New Rochelle Campus
ALBANY, NY – The Dormitory Authority of the State of New York (DASNY) today closed on a $74.8 million bond issuance for Iona University that will finance capital projects adding up to 170 new student beds, creating a 2.44-acre green space and upgrading academic and athletic facilities across the university's New Rochelle and Bronxville campuses. The proceeds will also be used to refinance existing debt.
The financing includes the following major campus improvement projects:
New Rochelle Campus Projects:
- Construction of a 2.44-acre green space featuring walking paths and areas for gathering
- Renovation of lab infrastructure supporting organic chemistry, media, and e-sports programs
- Renovation of the LaPenta Student Union and the Hynes Athletics Center, including upgrades to HVAC systems, boilers and water system upgrades
Bronxville Campus Projects:
- Refurbishment of student residential space including upgraded bathrooms and HVAC systems
- Upgrades to the student lounge space known as the Commons
- Renovation of tennis courts, including renovation of the building adjacent to the tennis courts known as the Meyers Athletic Center
The transaction also includes the refinancing of approximately $41.0 million of the University's existing Series 2015A Bonds and approximately $7.0 million of a taxable bank loan.
DASNY President and CEO Robert J. Rodriguez said, "Iona University has been a valued DASNY partner for more than five decades, and we are pleased to continue supporting their growth through this comprehensive financing. These campus improvements will enhance the educational experience for students across both the New Rochelle and Bronxville campuses, while the debt refinancing provides meaningful financial benefits that will strengthen the University's long-term sustainability."
Iona University Senior Vice President for Finance and Administration Nathaniel Kane said, “We greatly value DASNY’s partnership and support for Iona’s continued growth. As an institution highly focuses on the student experience, this financing empowers us to create more vibrant, modern living and learning environments across both campuses. These upgrades reflect our commitment to student success, well-being and community.”
The bonds were structured as fixed rate, tax-exempt bonds. Loop Capital Markets served as senior manager for the transaction. The bonds were sold via a negotiated offering on June 5, 2025, and achieved a True Interest Cost (TIC) of 4.89%. Co-bond counsel for the transaction were Mintz and McGlashan Law Firm, P.C. and underwriter's counsel was Nixon Peabody LLP. The bonds closed on June 18, 2025.
About DASNY
Founded in 1944, DASNY is New York State's capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $60.1 billion as of March 31, 2025. DASNY is also a prolific public builder with a construction pipeline of approximately 1,000 projects valued at more than $13 billion as of March 31, 2025. To learn more about DASNY, visit www.dasny.org.