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Higher Education | Building Expansion

A Unique Alternative to Traditional Bank Financing

Fast Facts

Industry

Higher Education

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Organization

Rollins College, Winter Park, FL

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Client Since

2022

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Equipment Financed

$21,000,000 financed for renovation and expansion costs of on-campus hotel

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Financing Structure

25-year (300-month) term loan

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Industry Specific Fact

Rollins College is a private, co-ed institution in central Florida with a boutique, on-campus hotel, owned and operated by the school, which directs profits to the Alfond Scholars program, the College’s premier scholarship fund.

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Industry

Higher Education

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Organization

Rollins College, Winter Park, FL

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Equipment Financed

$21,000,000 financed for renovation and expansion costs of on-campus hotel

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Rising Rates During Construction Period Pose a Problem

The Alfond Inn at Rollins College achieved a 100% occupancy rate since it opened in 2013. Due to the ongoing success of the hotel, the school realized an expansion was needed and secured a substantial private donation for the project but still fell short of its total cost. Expecting to use financing from their traditional bank, Rollins was disappointed with the limitations of a 5- to 7-year term that would lock in a rate only after construction was complete. A long-time relationship with First American opened the door to a conversation about what we could do differently.

“You’ve got to have trust and a bit of faith in any institution you're going to work with on a project like this. I went into it with a sense that we could make this happen because there was integrity in the totality of the relationship prior to this particular transaction.”

– Ed Kania, VP for Business and Finance and Treasurer, Rollins College

“Most financial institutions have their way of doing things... the integration of First American into the process has been the easiest in my career.”

– Mike Zimmerman, President of Olympia Development, Rollins College

Long-Term Rate Lock is a Cost-Saving Success

Based on the strength of Rollins’ credit profile, First American was able to offer a 25-year term loan that locked the rate prior to construction. In a rising rate environment, this is expected to save the college millions of dollars over the life of the loan. During the construction phase alone, rates rose significantly, and that rate lock saved Rollins hundreds of thousands of dollars in interest expense.

From an operational standpoint, First American offered a seamless integration into the hotel’s existing processes, submitting and funding invoices within a day. This allowed cash flow to be easily managed, keeping the project on schedule and vendor relationships intact.

Rising Rates During Construction Period Pose a Problem

The Alfond Inn at Rollins College achieved a 100% occupancy rate since it opened in 2013. Due to the ongoing success of the hotel, the school realized an expansion was needed and secured a substantial private donation for the project but still fell short of its total cost. Expecting to use financing from their traditional bank, Rollins was disappointed with the limitations of a 5- to 7-year term that would lock in a rate only after construction was complete. A long-time relationship with First American opened the door to a conversation about what we could do differently.

“You’ve got to have trust and a bit of faith in any institution you're going to work with on a project like this. I went into it with a sense that we could make this happen because there was integrity in the totality of the relationship prior to this particular transaction.”

– Ed Kania, VP for Business and Finance and Treasurer, Rollins College

Long-Term Rate Lock is a Cost-Saving Success

Based on the strength of Rollins’ credit profile, First American was able to offer a 25-year term loan that locked the rate prior to construction. In a rising rate environment, this is expected to save the college millions of dollars over the life of the loan. During the construction phase alone, rates rose significantly, and that rate lock saved Rollins hundreds of thousands of dollars in interest expense.

From an operational standpoint, First American offered a seamless integration into the hotel’s existing processes, submitting and funding invoices within a day. This allowed cash flow to be easily managed, keeping the project on schedule and vendor relationships intact.

“Most financial institutions have their way of doing things... the integration of First American into the process has been the easiest in my career.”

-– Mike Zimmerman, President of Olympia Development, Rollins College

Supporting Clients with a Consultative Approach

With the expansion of the Alfond Inn, Rollins College continues to direct profits to the Alfond Scholars Program. Additional guest rooms and meeting space will also accommodate new professional development opportunities for staff and faculty.

First American is proud to have been a part of this mission-based project. Our deep knowledge of the higher education space, combined with our financial expertise, allowed us to serve as a consultative resource and facilitate the best possible outcome for Rollins College.

“To have people who are as friendly and knowledgeable about their side of the business to be working alongside you is really valuable... They become an extension of our team.”

– Bill Short, Associate VP for Finance and Assistant Treasurer, Rollins College

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