ArtCenter college secures $103M in bonds for Pasadena campuses

School earmarking $42M for upgrades as part of major expansion effort

Los Angeles /
Aug.August 08, 2018 10:30 AM
Rendering from Michael Maltzan Architecture

The ArtCenter College of Design moved a step forward in its renewal plans, securing $103 million in bonds, of which $42 million will pay for upgrades of facilities at its two Pasadena campuses.

The bulk of the funds will go toward physical improvements, including renovating two buildings on the south campus and a steel and glass bridge on ArtCenter’s hillside campus north of downtown Pasadena, according to the Los Angeles Business Journal.

The school plans to use some of the money to convert part of an old wind tunnel into classroom and design space for the school’s transportation design department.

The remaining $61 million will be earmarked for refinancing existing debt.

The California Educational Facilities Authority issued the bond package, which was rated Baa1 from Moody’s Investor Service prior to the bond sale, according to the journal.

The financing deal comes one month after Pasadena city officials approved a major expansion plan for the 88-year-old art design school. It will add a handful of new buildings, a 300-seat theater, art galleries, more classrooms, a library, and as many as 1,500 new student housing beds.

The 15-year master plan is being designed by L.A.-based Michael Maltzan Architecture, according to the school’s website.

The ArtCenter is a nonprofit, private college with 2,100 students which specializes in transportation-related design. [LABJ] — Alexei Barrionuevo


Related Articles

arrow_forward_ios
A rendering of 10130-10136 Adella Avenue and Newport Ventures’ Dave Mossman and Kemp Bros. Construction's Greg Solaas (LinkedIn, Kemp Bros., CBRE)
South Gate lot entitled for 78 resi units up for sale
South Gate lot entitled for 78 resi units up for sale
Neil Shekhter, WS Communities CEO Scott Walter and 1550 Lincoln Boulevard
Shekhter’s WSC gets $125M loan for LA resi developments
Shekhter’s WSC gets $125M loan for LA resi developments
Rob Speyer (President, Chief Executive Officer, Tishman Speyer) & Neil Shekhter (Founder, Chief Executive Officer, NMS Properties) (iStock, Tishman Speyer, NMS Properties, Illustration by Kevin Cifuentes for The Real Deal)
Tishman Speyer to build 620 units on Santa Monica sites
Tishman Speyer to build 620 units on Santa Monica sites
OC-based JV gets $77M loan for Inland Empire residential
OC-based JV gets $77M loan for Inland Empire residential
OC-based JV gets $77M loan for Inland Empire residential
From Kmart to Cop Shop in Inland Empire
From Kmart to Cop Shop in Inland Empire
From Kmart to Cop Shop in Inland Empire
Court clears new housing near Expo Line
Court clears new housing near Expo Line
Court clears new housing near Expo Line
9.7-acre Thousand Oaks development site for sale
9.7-acre Thousand Oaks development site for sale
9.7-acre Thousand Oaks development site for sale
John Buck 3MR Capital, land $34M loan in Culver City
John Buck 3MR Capital, land $34M loan in Culver City
John Buck 3MR Capital, land $34M loan in Culver City
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...