Press Release

Ballard Spahr Represents Grand Canyon University in Arizona's Largest Real Estate Secured Deal in History

December 20, 2021

Ballard Spahr represented Grand Canyon University (GCU) in a recently completed $1.2 billion bond offering and refinancing transaction that is believed to be the largest real estate secured deal in the history of Arizona.

The transaction refinanced the remaining balance of a secured note that was issued in 2018 as part of the purchase by the University of its campus in connection with its transition back to 501(c)(3) tax-exempt nonprofit status and additional loans made to acquire capital assets after the acquisition transaction closed. The initial interest-only note, which was due in 2025, allowed GCU to purchase all of the tangible and intangible assets comprising the University’s campus from Grand Canyon Education (GCE). Refinancing the note early allows GCU to take advantage of lower interest rates and realize substantial interest cost savings.

The refinancing was arranged by Colliers International Mortgage Advisory in Phoenix. Among other lawyers and paralegals at Ballard Spahr, our team that represented GCU included:

Craig Ganz
William C. Rhodes
• Andrew Miles
• Christine Karas
Tyler M. Cobb
• Karen DaCosta Perzan
• Sonja “Sunny” Beddow
William Xiong
Siobhan M. O’Donnell
Michael J. Ostermeyer
Marybeth Orsini
• Jeremy T. Poryes
• Cara Segui

For further information, please visit GCU’s press release.

For media inquiries, please contact Will Ashenmacher at 612.371.5792.

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