New College of Florida to use private loan to buy USF Sarasota-Manatee campus

New College of Florida has approved a plan to purchase the University of South Florida Sarasota-Manatee campus. The college’s Finance and Administration committee voted on Friday to fund the acquisition with an unconventional debt structure. The total cost for the takeover exceeds $47 million.

New College secured a $40 million loan from BankUnited. An unnamed accredited investor will provide the remaining $7.5 million. This type of financing often carries a higher interest rate than traditional bank loans. The committee approved this approach to close the funding gap for the controversial campus transfer.

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The New College of Florida acquisition is scheduled to proceed following the committee’s Friday vote. The college will work with the unnamed investor to finalize the $7.5 million loan terms. BankUnited will manage the primary $40 million loan facility. The transfer of the USF Sarasota-Manatee campus is set to move forward as part of the college’s expansion strategy.