The President of Savannah Technical College (STC) approached TUFF with a specific objective: expand STC’s administrative, office, and classroom facilities without assuming unnecessary risk or incurring excessive expenses.
He even had a building in mind. There was a 32,000 square-foot facility on 7.9 acres near Savannah/Hilton Head International Airport. Formerly owned by International Paper, the site was located inside the same industrial complex as Georgia Tech’s Savannah Campus. STC had a plan to adapt the facility to its own use.
What it did not have was a way to acquire the property under financially amenable terms.
TUFF negotiated the purchase, issued short-term equity, and provided $5.2 million in tax-exempt financing.
Acting to acquire the facility for STC, TUFF quickly entered purchase negotiations. With the purchase price finalized, TUFF then provided short-term, interim equity to bridge the gap between the purchase and permanent financing.
In alignment with its 501(c)(3) mission to advance education, TUFF made a $5.2 million tax-exempt investment in the former International Paper facility. STC then entered into a long-term lease agreement with TUFF and occupied the building at a below-market cost.
For the Technical College System of Georgia (TCSG), of which STC is a member, TUFF executed the acquisition quickly and efficiently, saving capital and human resources.
TUFF’s leadership paved the way for a long-term partnership.
Nine years later, TCSG completed an aviation training center adjacent to the STC facility. Cementing the State’s commitment to the industrial complex, STC and Georgia Tech collaborate at the site to support corporate clients, such as Gulfstream.
- 32,000 square feet
- 7.9 acres
- Located near Savannah/Hilton Head International Airport