Nonprofit Facility Finance
Pacifica has helped numerous nonprofit organizations, private colleges, and universities secure tax-exempt financing for bridge loans and capital expenditures.
Schools, museums, hospitals, social service agencies, and other nonprofit organizations having a 501(c)(3) IRS determination letter can lower their borrowing costs and bridge their capital campaigns by borrowing at tax-exempt interest rates for the acquisition, construction, and renovation of facilities. Numerous nonprofit entities have benefited from tax-exempt financing by working with eligible conduit 501(c)(3) revenue bond issuers, such as the Washington Higher Education Facilities Authority, the Washington State Housing Finance Commission, the Washington Economic Development Finance Authority, and the Oregon Facilities Authority.
Pacifica serves as bond counsel to a number of these issuers on conduit issues for 501(c)(3) nonprofit facilities. In that role, we evaluate the project for eligibility, undertake a due diligence review of the nonprofit’s 501(c)(3) standing, document the terms of the borrowing, and confirm the issuer has taken the necessary steps to authorize and issue the bonds.
Representative 501(c)(3) Conduit Financings
We have completed financings for most of the private colleges and universities in Washington State, including:
- Whitman College
- Seattle Pacific University
- Bastyr University
- Pacific Lutheran University
- Seattle University
- Gonzaga University
Pacifica attorneys are also proud to have served as bond counsel on conduit transactions for Northwest institutions including:
- the Seattle Art Museum
- the Pacific Science Center
- the Puyallup Fair
- Food Lifeline
- Seattle Academy of Arts & Sciences
- the Girl Scouts of Western Washington
- The Northwest School
- TVW
- Pioneer Human Services
- Benaroya Research Institute
- Compass Health
- Seattle Country Day School
- Gonzaga Preparatory School
- YMCA of Greater Seattle
- Lutheran Community Services Northwest
- Housing Hope
- Work Force Development Center
