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PFA Closes $124 MM Financing for the Provident Group – Irving Properties LLC

The Public Finance Authority (PFA) has provided $124 million to finance 501(c)(3) nonprofit revenue bonds for the Provident Group – Irving Properties LLC (Provident Group). Provident Group will use the bond proceeds to acquire, design, construct, equip and operate a full-service, upper-upscale convention center hotel located in Irving, Texas. The hotel will compliment an existing public, City-owned conference center and a City-owned parking garage.

Provident Group's goal is to serve its charitable mission by undertaking a broad range of services, activities, and programs designed to, among other things, assist in lessening the burdens state and local governments face in providing facilities and services to their citizens.

PFA partnered with Orrick, Herrington & Sutcliffe, LLP, Citigroup Global Markets, Preston Hollow Capital and Kutak Rock LLP to provide financing to the Provident Group. The bonds financed will promote significant economic, cultural and community development, growth and opportunities through the creation of numerous temporary and permanent jobs as a result of the new construction process and ongoing management, operation and maintenance of the facility. The financing will also assist the City in developing further business at the convention center and stimulate economic activity throughout the area.