Felician College Gets $30M Loan Through County

BERGEN COUNTY, N.J. -- The Bergen County Freeholders have approved a $30 million bond to allow Felician College to restructure existing loans and make new improvements, NorthJersey.com reported.

Felician College will be financing new improvements and refinancing old loans through a $30 million bond issued by the Bergen County Improvement Authority, and approved by the freeholders last week. The Rutherford campus castle is shown.
Photo Credit: *Felician College*

Mary K. Miraglia

09/02/2015 12:00 p.m.

The freeholder board approved the deal last week, according to NorthJersey.com.

The Bergen County Improvement Authority will issue the bonds, but the actual loan will come from J.P.Morgan. The arrangement, known as a “pass-through bond,” is not funded by the county or by tax dollars, NorthJersey.com said.

Among the improvements the college is planning are:
Renovation and expansion of the Job Gymnasium and dining hall at the Rutherford campus for $8.5 million.
Flood mitigation at the Lodi campus for $1.5 million.
A $2.7 million energy conservation project at Rutherford that will ultimately be paid for through long-term energy savings. The school will also repave two parking lots, NorthJersey.com said.

The remainder of the money will allow for the refinancing of old loans at more favorable terms, the story said. To read the full story, click here.

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