WHEREAS pursuant to S.C. Code Ann. §59–125–1, et. seq., the Board of Trustees of Winthrop University is created and established as a body corporate for the purpose of effectuating the educational mission of Winthrop University.
WHEREAS the Direct Financing instrument for the Courtyard project is set to mature on August 27 of this year, having been previously extended in March to its current maturity date.
WHEREAS Wells Fargo, the current holder of this debt, has agreed to an extension of 6- 9 months.
WHEREAS during this extension period, the Winthrop University Real Estate Foundation will actively seek alternative financing solutions to secure the outstanding debt on the Courtyard, which is projected to be $9.58 million as of December 31, 2024.
WHEREAS the Courtyard boasts an impressive 98.5% occupancy rate, making it a valuable asset likely to attract interest from a variety of financial institutions.
WHEREAS the University is currently determining the necessary process to solicit proposals from potential new lenders to ensure a smooth transition and continued financial stability for the Courtyard project.
NOW, THEREFORE, BE IT RESOLVED that the Winthrop University Board of Trustees approves the extension of the current financing with Wells Fargo for an additional 6-9 months beyond the current maturity date of August 27, 2024.
BE IT FURTHER RESOLVED that the Board authorizes the Winthrop University Real Estate Foundation to seek alternative financing solutions during this extension period, ensuring that all necessary steps are taken to secure a new lender for the outstanding debt of the Courtyard project.
BE IT FURTHER RESOLVED that the Secretary to the Board of Trustees shall certify that the Winthrop University Board of Trustees approved this resolution on the 27th of June 2024 in a regular meeting scheduled by the Winthrop University Board of Trustees. Such resolution shall be maintained and publicly posted by the Secretary of the Board in a time and manner as required by law.
