Kutak Rock served as underwriter’s counsel in connection with the issuance of $89,800,000 of The California Statewide Communities Development Authority (CSCDA) College Housing Revenue Bonds (NCCD—Hooper Street LLC—California College of the Arts Project) Series 2019. Proceeds of the bonds will finance the construction of new student housing facilities located at the California College of the Arts (CCA) in San Francisco, California. National Campus and Development Corporation is the single member of the borrower entity, NCCD—Hooper Street LLC.
Once completed, the mixed-use student housing facilities will primarily serve CCA lower division and transfer students. The new student housing facility will include five stories consisting of approximately 134,000 gross square feet, which includes approximately 95,000 square feet of gross residential leasable area and approximately 8,000 square feet on the ground floor that will serve as space for food services. Student rooms will be located on levels one through five, along with common meeting and cooking areas. The building will include 12 different unit types, at least 520 beds in single, double, triple and quad-occupancy rooms, 167 bicycle parking spaces, and a roof deck. Construction will take approximately 18 months to complete.
Founded in 1907 by Frederick Meyer, a German cabinetmaker whose vision was shaped by the Arts and Crafts movement, CCA is noted for its interdisciplinary approach and the breadth of its programs. CCA educates students to shape culture and society through the practice and critical study of art, architecture, design, and writing.
Kutak Rock public finance attorneys Scott Beck and Fred Marienthal and real estate attorney Kate Starick collectively served as underwriter’s counsel in connection with the transaction.