Northeastern University, a private, not-for-profit university based in Boston, recently merged with Mills College, a private, not-for-profit college based in Oakland, California. Sean Tierney, a partner in the San Francisco office of Hawkins, served as counsel to Mills' lender, First Republic Bank. As lender’s counsel, Mr. Tierney reviewed the merger documentation and helped to get Mills' outstanding loan paid off as a condition to the completion of the merger. Mr. Tierney drafted documentation that established an escrow with a title company as a key feature of the closing documentation for the transaction. As a result of the merger, Northeastern acquired a campus in the East Bay (i.e. the eastern region of the San Francisco Bay Area) and Mills College was able to pay off its debt. The Mills' campus will now be called Mills College at Northeastern University.
|Mills College Merger
|First Republic Bank
|California Statewide Communities Development Authority
|The transaction represented a newer trend in an increase in merger activity by private, not-for-proift colleges and universities.