cle-cleveland student Thenew, four-story residence at 117th and Euclid Ave.

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CLEVELAND—In a deal led by KeyBanc Capital Markets Inc., thecorporate and investment banking arm of Cleveland-based KeyCorp,the Ohio Higher Educational Facility Commission expects to issueapproximately $17.5 million in Higher Educational Facility RevenueBonds for the Cleveland Institute of Art, one of the nation'sleading accredited independent colleges of art and design, locatedin the heart of Cleveland's cultural district.

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The tax-exempt bonds will be primarily used for paying the costsof acquiring and furnishing a four-story, 79,000-square-footstudent housing facility located at East 117th Streetand Euclid Avenue. The bonds, rated BB by S&P Global Ratings,are currently scheduled to price on September 11, 2018.

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“Our mission is to nurture the intellectual, artistic andprofessional development of students and community members throughrigorous visual arts and design education,” said Grafton Nunes,President at the Cleveland Institute of Art. “As part of thatmission, we continually look for ways to enhance the on-campusexperience for our students. Through this financing, we're able tooffer more housing options and accessibility to our facilities,which is particularly helpful for many of our out-of-statestudents.”

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The Cleveland Institute of Art enrolls approximately 625students from around the globe, supported by its 53-full time and69 adjunct faculty. It also recently completed a $75 millioncampaign that financed a Campus Unification and ModernizationProject.

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“It was an honor to work with the Institute and Commission onthe financing for this project, which will help bring students tothe area and further enhance Cleveland's cultural district,” saidTim Kelly, director at KeyBanc Capital Markets.

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Earlier this year, KeyBanc Capital Markets Inc. led a deal forCleveland-Cuyahoga County Port Authority, which issuedapproximately $75 million in Cultural Facility Revenue andRefunding Bonds for Playhouse Square located in downtownCleveland.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.