MEDCO provides assistance to Maryland’s public higher education entities by financing, developing, owning and/or operating student housing, energy, auxiliary and other facilities. MEDCO retains and actively oversees third-party management companies to carry out day-to-day operations and closely collaborates with host universities to ensure project success. MEDCO’s operational oversight includes, among other things: monitoring occupancy and leasing progress; evaluating marketing strategy; reviewing and developing operating budgets, capital budgets and long-term capital planning; reviewing and preparing project financial and operating reports; coordinating project audits; administering bond-related activities and requirements and communicating with rating agencies and investors.
MEDCO typically finances projects through the issuance of its tax-exempt or taxable bonds. All MEDCO bonds are revenue bonds and are secured solely by the revenues available from the projects and the assets of the project. Maryland public higher education entities are able to structure transactions through MEDCO in ways that do not adversely affect mandated debt limits.
MEDCO and the University of Maryland have a long history of working together to benefit the campus community. MEDCO’s involvement with the University spans from financing student housing facilities to operating the energy infrastructure program that provides electric, steam, and chilled water services to various buildings on our campus.
– Carlo Colella, Vice President and Chief Administrative Officer, University of Maryland
MEDCO at Work
Project Name: University of Maryland College Park
Project Size/Type: $135 million non-recourse, tax-exempt revenue bond
Project Description: Ownership, development, and operations
Project Benefit: Attract and house students at Maryland’s flagship university
University of Maryland College Park
Since 1999, MEDCO has assisted the University of Maryland, College Park through bond financing, developing, owning and operating multiple student housing projects on the university’s campus in Prince George’s County. With proceeds from the issuance of its revenue bonds, MEDCO developed, constructed and continues to operate approximately 3,000 beds in two multi-building apartment facilities. The facilities offer students affordable, fully furnished apartments equipped with kitchen, living and bedroom accommodations. In addition, the facilities provide students with attractive amenities such as computer labs, internet connectivity, study areas, common spaces and resident life programming.
Most recently in 2016, MEDCO issued $135 million in non-recourse, tax-exempt revenue bonds at the request of the University to refinance prior bond issuances, which provided significant savings to the project.
For more information, contact Amy Velich at 410-625-0051.