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Formed in 1971, the Minnesota Higher Education Facilities Authority has served State of Minnesota borrowers for 50 years through the issuance of tax-exempt and taxable Bonds and Notes in the form of leases, variable rate and fixed-rate debt. The Authority has consistently provided a low-cost option for financing, being able to discount its fees from the statutory-allowed levels for the past 25 years. As of June 30, 2021, 240 financings will have been completed with 23 colleges and universities in the state of Minnesota. These financings have included new capital projects such as residence halls, infrastructure upgrades, parking structures, dining facilities and libraries, in addition to refinancing existing debt issued with the Authority or other financial partners.

  • 1971

    MHEFA is founded.

    original MHEFA logo
  • 1972

    Authority issues its first financing, series 1-A, for Augsburg College.

  • 1974

    College of St. Scholastica becomes first college to issue bonds twice with the Authority.

    College of St. Scholastica campus building
  • 1975

    Authority issues its first financing to refinance existing school debt: Series 1975-1 for Bethel College.

    Bethel College university building
  • Pooled bond with 10 schools icon


    Authority issues its first pooled bond issue with ten schools.

  • 1984

    Authority issues its first variable rate bond issue: Series Two-H for St. Mary’s College.

    Aerial view of St. Mary's College campus
  • Governement building icon


    Authority issues its first bond issue for a community college under special legislation.

  • 1990

    Authority issues its first private placement: Series Two-Z for Augsburg College.

    Augsburg University campus
  • 1993

    Authority issues its first private placement lease: Series Three-P for Augsburg College.

    Augsburg University campus building
  • 25th Anniversary Icon


    Authority celebrates its 25th anniversary.

  • 1997

    Authority issues its 100th financing: Series Four-K for Hamline University.

    Hamline University campus building
  • 2006

    University of St. Thomas issues its 25th financing with the Authority.

    The arches on the University of St. Thomas campus
  • 2014

    Authority issues its 200th financing: Series Seven-Z for the University of St. Thomas.

    An aerial view of the University of St. Thomas campus
  • 2017

    Authority issues largest bond series to date with Carleton College, Series 2017 in the amount of $124,900,000.

    Carleton College campus building
  • 2021

    Authority markets its first bond sale through BondLink and an online investor presentation

    Bondlink logo
  • 2021

    Sale of St. Olaf College, Series 2021 Bonds breaks Authority record with over $1 billion in orders for $57,335,000 in bonds.

    St. Olaf alumni with a student an employee in the Piper Sandler office.

Notable Projects

Over our 50 years, the Authority’s low-cost financing has enabled capital improvements for higher education campuses across Minnesota. Below are just a few of the projects that we’re proud to have been a part of.

Augsburg College

Students walk in front of an Augsburg campus building.

Series 1-A in 1972:
Constructed an apartment-type, student housing facility with a scheduled opening of Fall 1973. This was the Authority’s first bond issue since it was formed in 1971.

Series 2016A and 2016B in 2016:
Financed a portion of the construction of the Norman and Evangeline Hagfors Center for Science, Business and Religion along with a skyway connection between Hagfors Center and the Lindell Library.

Bethel University

Bethel campus buildings sit beyond a frozen pond.

Series 1-B in 1972:
Constructed two units of seven buildings each to provide townhouse-type student housing with a scheduled opening of Fall 1973. This was the Authority’s second bond issue since it was formed in 1971.

Series 4-S in 1998:
Constructed a new residence hall, additions to the Fine Arts Center, remodeled spaces in various campus buildings, upgraded campus wiring networks, constructed a baseball field, parking expansion and acquisition of an existing office building.

Carleton College

The Goodsell Observatory at sunset on the Carleton College campus.

Series 2-E in 1982:
Construtced an addition to and remodeled the College library building and two residence halls.

Series 2017 in 2017:
Acquired, designed, constructed, renovated, improved and equipped various facilities on the College’s Northfield campus, including the Weitz Center for Creativity, science building including Olin Hall, Hulings Hall and Mudd Hall, and various utility infrastructure improvements, and refunded three series of outstanding Authority bonds issued for the College’s benefit.

Concordia College, Moorhead

The Integrated Science Center on the Concordia College, Moorhead campus.

Series 1-Q in 1976:
Constructed the College’s first air-conditioned student apartment building on campus.

Series 2-Y in 1990:
Remodeled the College’s Field House, constructed a bell tower and improvements to the central campus mall, remodeled two floors of the library, expanded and upgraded the College’s electrical system, installed and replaced air conditioning systems, and constructed six tennis courts.

Concordia University, St. Paul

A Concordia College, St. Paul banner on a lightpole with campus in the background.

Series 5-P1 and 5-P2 in 2003:
Acquired, constructed, expanded, improved, renovated, furnished and equipped certain educational facilities, including a library and information technology center, acquired property adjacent to the campus, improved and repaired educational and related facilities, and refinanced eleven prior loans.

Series 6-Q in 2007:
Constructed, furnished and equipped a residence hall on the University campus.

Gustavus Adolphus College

The Gustavus Adolphus College campus sign.

Series 2-N in 1987:
Remodeled the Johnson Student Union, constructed and equipped an interpretive center including enclosed space for the arboretum, constructed a ring road connection and 40-car parking lot for a residence hall and a 120-car parking lot for the Schaefer Fine Arts Center, and realigned and constructed the South campus entry drive with a new stone entrance sign.

Series 5-X in 2004:
Acquired, constructed and furnished a 200-bed apartment complex, installed a fire sprinkler system in existing College residence halls, and renovated the Old Main building on campus.

Hamline University

Hamline University's Anderson Student Center.

Series 4-I in 1996:
Constructed, furnished, and equipped a fieldhouse, including gym, offices, locker rooms, lounge, storage and areas for track and field practice, sports medicine, teaching and strength and fitness training. Constructed a four-level addition to the law and graduate school building, including library, faculty offices, classrooms, and meeting rooms. Acquired and constructed approximately 220 surface parking lots, and renovated computer offices and equipment rooms.

Series 7-K1 and 7-K2 in 2011:
Constructed, furnished, and equipped the University Center, consisting of a three-store above-grade building and two levels of underground parking.

Macalester College

The Ruth Stricker Dayton Campus Center at night on the Macalester College campus.

Series 3-Z in 1994:
Acquired land for and the expansion of College athletic fields and the construction of a campus road. Acquired and installed a cooling tower for air conditioning on top of the Janet Wallace Fine Arts Center. Replaced the roofs for the Janet Wallace Fine Arts Center, Dupre Hall, Olin Hall and Rice Hall. Renovated, refurnished, and purchased new equipment for Kirk Hall, a residence hall.

Series 5-Q in 2003:
Refurbished, refurnished and upgraded data wiring for Doty Hall. Expanded, renovated, refurnished and upgraded data wiring for Wallace Hall and Turck Hall. Installed fire sprinkler systems in Doty, Wallace, Turck, Bigelow, Dupre, 20 Macalester and Kirk Halls.

Minneapolis College of Art and Design

An aerial view of the Minneapolis College of Art and Design campus.

Series 1-G in 1973:
Constructed a new technical academic building with appurtenant equipment, furnishings, utilities and site improvements. Constructed a pedestrian bridge to and furnishings and equipment for the existing College building.

Series 6-Z in 2009:
A private bank placement financing to construct a surface parking lot and sculpture garden serving as a gateway to the main Minneapolis campus.

Mitchell Hamline School of Law

An aerial view of the Mitchell Hamline campus.

Series 2-R in 1988:
Constructed the Warren E. Burger Law Library, also containing reading and study rooms, seminar rooms, a conference suite, and connected to the College’s other buildings by a walkway.

Series 5-S in 2003:
Constructed, renovated and expanded a Student Center, expanded classroom space with enhanced technology, and expanded and upgraded the facility infrastructure.

Northwestern Health Sciences University

Students walking in front of a Northwestern Health Sciences University campus building.

Series 2-X in 1990:
Refinanced a Contract for Deed between the College and Independent School District 271, Bloomington, MN. Constructed and furnished a Center for Clinical Studies, refurbished the College’s auditorium, and acquired, improved, furnished and equipped, including site acquisition and appurtenant site improvements of an outpatient teaching clinic in the city of Burnsville.

Series 4-Z in 1999:
Funded an escrow account to refund the 1999 to 2005 maturities of the Series 2-X bonds.

College of Saint Benedict

Students in from the the S.L. Haehn Campus Center on the College of St. Benedict's campus.

Series 1-F in 1973:
Constructed 30 two-bedroom, furnished apartments with kitchen, renovated dining facilities, renovated the home economics department, and constructed an indoor swimming pool addition to the Physical Education Building.

Series 4-T in 1998:
Constructed a bookstore and student development offices within and renovation of Mary Hall Commons. Relocated the inter-campus bus stop, including road reconstruction and the construction of a warming house. Constructed a centralized chiller plant onto the existing power plant. Renovated the Loft building to house all student academic services. Renovated and expanded the East Apartments by joining the four separate buildings of the complex and renovating the apartments. Renovated and added air conditioning to the first and second floors of Gertrude Hall.

St. Catherine University

The chapel on the St. Catherine University campus during spring.

Series 3-M1 and 3-M2 in 1993:
Acquired, constructed, furnished, and equipped a sports facility (including gym and pool). Acquired and installed air conditioning in the Art Building and replaced windows in Mendel Hall. Remodeled, furnished, and equipped the student lounge in St. Joseph Hall. Remodeled, furnished, and equipped the Education Building and Old Main on the Minneapolis campus.

Series 5-N1 and 5-N2 in 2002:
Constructed, equipped and furnished a joined Student Center and Learning Commons, including renovating the former St. Joseph Hall and the former Saint Catherine Library. Renovated and upgraded Whitby Hall and Mendel Hall. Relocated, equipped and furnished the Food Consumer and Nutritional Sciences program space located in Fontbonne Hall. Relocated, furnished and equipped the Health and Wellness Center space located in Butler Center. Funded a portion of the conversion of the steam plant from high pressure to low pressure.

Saint John’s University

An aerial view of the Saint John's University campus.

Series 2-W in 1989:
Constructed and furnished a new Art Building, with appurtenant equipment and site improvements. Classroom and studio space included space for a drawing and design studio, printmaking studio, painting studio, sculpture studio, photographic darkroom, individual student studios, student lounge and informal gallery, gallery workspace, curatorial storage, slide library, seminar room, and parking lot, in addition to faculty offices and secretarial space. The gallery included a large art exhibition space, as well as a smaller art gallery, an 88-seat auditorial, and a visiting artist studio.

Series 4-L in 1992:
Renovated stadium and gymnasium, including new outdoor track, fitness center, and locker room, and constructed a fieldhouse including an indoor track and tennis courts. Constructed a Biology Sciences building, renovated labs and classrooms of a Science Center, and constructed a surface parking lot, utilities and extensions of utilities. Constructed three new duplexes, renovated a residential hall to configure as doubles and suites, renovated Luke and Wimmer Hall for office space, and replaced roofing for various buildings.

St. Mary’s University

An aerial view of the Saint Mary's University Winona campus.

Series 2-H in 1984:
Constructed a theatre/recital hall to replace a small 1912-era theatre on the third floor of St. Mary’s Hall.

Series 2017A in 2017:
A private bank placement financing that acquired, designed, constructed, renovated, improved and equipped a three-story Science and Learning Center as an addition to the Adducci Science Center, to be used for classrooms and laboratories.

St. Olaf College

A St. Olaf campus building at sunrise.

Series 1-P in 1975:
Constructed, furnished and equipped a new Music Building.

Series 2021 in 2021:
Constructed, equipped and furnished new student residence facilities and related improvements, comprised of a residence hall and 14 townhouses, and renovated an existing residence hall.

College of St. Scholastica

A College of St. Scholastica campus building.

Series 1-D in 1973:
Constructed six four-plex, fabricated, frame, apartment buildings.

Series 1-H in 1974:
Constructed a three-story, brick, apartment-type, student residence with laundry facilities for the building and a neighboring student housing facility. The College of St. Scholastica was the Authority’s first repeat client with this financing.

University of St. Thomas

Students on the University of St. Thomas quad, with Anderson Student Center in the background.

Series 2-S in 1989:
Renovated Grace Residence and Cretin Residence from seminary housing facilities into residence halls and constructed an addition and remodeled the Binz Refectory, an existing dining facility.

Series 2019 in 2019:
Constructed, equipped and furnished two new residence halls and related improvements on the University’s Saint Paul Campus and demolished the University’s current John Paul II Residence Hall and Faculty Residence to make room for the two new student residence halls.

Vermilion Community College

Students and a professor walk in front of a Vermilion Community College building.

Series 2-P in 1987:

Together with an appropriation from the State of Minnesota, constructed and furnished a residence hall on campus in Ely, Minnesota.