Underwritten by Oppenheimer & Co. Inc., bond to fund facility expansion and operations
PROVO, Utah–(BUSINESS WIRE)–#Bondfunding—Noorda College of Osteopathic Medicine (Noorda-COM) announced today the issuance of $47,965,000 of Taxable Educational Facilities Revenue Bonds (Noorda College of Osteopathic Medicine Project) Series 2021A and $87,940,000 of Taxable Educational Facilities Revenue Bonds (Noorda College of Osteopathic Medicine Project) Series 2021B (together, the “Bonds”), both of which have been issued by the Public Finance Authority, as a conduit issuer, and underwritten by Oppenheimer & Co. Inc. (“Oppenheimer”). The Bonds provide capital to expand capacity beyond the college’s current educational facilities, including the development and construction of a new medical school academic building, and to fund ongoing operations of the college.
Noorda-COM worked with Oppenheimer, as the underwriter, to secure the funding provided by the Bonds. Construction of the new facility is currently underway, with an estimated completion time for the summer or fall of 2022. It will provide expanded resources for the school’s roster of medical students and its faculty and staff. The facility will be located in Provo’s growing health, science, and technology district, next to the Timpanogos Golf Club golf course.
The inaugural class of 90 students will begin classes in August 2021 in Noorda-COM’s campus facilities located in the Timpanogos Tech Center. Construction of the academic center will continue during the academic year until completed.
“In a year of milestones, this funding is significant,” said Dr. Richard P. Nielsen, founding president and CEO of Noorda-COM. “For the past decade, we have worked diligently to bring forth the vision of a new medical school to serve medical students, and the people of Utah and the Intermountain West. During an unusual year caused by a global pandemic, Noorda-COM not only reached key milestones, but will open its doors to its inaugural class this summer. This bond funding will allow Noorda-COM to become a foundational institution of medical education as we raise the bar in medical education and training for decades to come.”
In addition to closing this funding, Noorda-COM reached several other milestones over the past several months including closing on a $42.8 million Public Infrastructure District bond led by D.A. Davidson, receiving approval for Pre-Accreditation status by the Commission on Osteopathic College Accreditation, hiring of dozens of professional faculty and staff, and forming local affiliation partners for core clinical education.
These achievements led to a significant milestone in student recruitment with Noorda-COM receiving more than 2,000 diverse medical student applications and admitting nearly all of its 90 students for the inaugural class. The students come from various locations and backgrounds including about 23 percent from under-represented minorities, nearly 50 percent women, and roughly 50 percent from Utah.
“This funding will provide Noorda-COM with greater opportunities to fulfill our mission in creating a transformational medical education model,” said Dr. John Dougherty, Noorda-COM founding dean and chief academic officer. “Noorda-COM students will obtain the highest quality medical education within a campus environment ideal for our unique student centric curricular model integrating technology and directed personal guidance.”
The expanded facility will include a beautiful campus layout comprising a 140,000 square-foot, four-story building housing academic offices, learning space, and industry-leading simulation space.
“This is a momentous project that will help fulfill the mission of Noorda-COM,” said Greg Stuart, a Noorda-COM trustee, and the developer for the project. “Development included working closely with Provo City to acquire the land where the new facility will be located. We’re pleased with the partnership we’ve established with the City to bring Noorda-COM and these facilities to the community for the benefit of all.”
John Nemelka, a member of the Noorda-COM Board of Trustees, and the economic specialist for the Noorda-COM project, said, “We worked very closely with Oppenheimer during the offering, and we are extremely pleased with their focus, dedication, and skill in structuring and closing this successful offering. This financing lays the groundwork for an incredible project that will help create solutions to the physician shortages in Utah and throughout the country.”
MHTN Architects is the architectural and design firm for the new academic building, and the general contractor is Westland Construction.
About Noorda College of Osteopathic Medicine
Located in Provo, Utah, Noorda College of Osteopathic Medicine (Noorda-COM) offers an innovative and unique medical education approach. Noorda-COM provides 21st-century medical students a curricular model blending active, small group learning with advanced laboratory experiences and research opportunities while also emphasizing school and life balance with a commitment to health and wellness. Noorda-COM focuses on preparing future residency-ready physicians committed to providing patient-centered healthcare. Noorda-COM is a private, proprietary institution. An independent governing Board of Trustees oversees Noorda-COM. The Commission on Osteopathic College Accreditation granted Noorda-COM Pre-Accreditation status in December 2020. https://noordacom.org
A. Cory Maloy