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Health and Educational Facilities Board approves transaction presented by Vaughn Development Group
Summary
The Health and Educational Facilities Board voted to approve a transaction presented by Philip Vaughn of Vaughn Development Group; Vaughn told the board the financing is nearly complete and the team expects to close in about 30 days. The board also received an informational note about a closed Vanderbilt Medical Center transaction.
The Health and Educational Facilities Board voted to approve a transaction presented by Philip Vaughn of Vaughn Development Group. The motion was moved by a committee member and seconded by the chair; the chair declared the final approval passed after members voiced their support.
Philip Vaughn, identifying himself as part of the development team on the financial side, told the board the project is "ready to rock and roll" and that the team was "all ready to close at the end of the month," adding that the capital stack was large and the process had taken longer than anticipated. He said the timeline to closing was about 30 days.
A committee member asked whether there were any material changes from previous presentations; Vaughn replied there were none. The board proceeded to a formal vote and the chair announced the approval without recorded opposition.
The chair also noted, as an informational item included in board packages, that a Vanderbilt Medical Center transaction had closed since last May. No other formal actions or amendments were recorded during the roughly seven-minute meeting, which the chair then adjourned.
The board’s next steps are procedural: the developer indicated an anticipated closing in about 30 days. No additional deadlines, dollar amounts, or formal conditions were specified on the record.
