Yeshiva redeems some bonds with proceeds of medical school transfer

By Wendy Van Sickle

Columbus, Ohio, Sept. 22 – Yeshiva University redeemed $136.11 million of revenue bonds sold by the Dormitory Authority of the State of New York using proceeds from the transfer of its medical school, according to a notice.

Under an agreement between Yeshiva and Montefiore Medical Center, operational and financial responsibility for Albert Einstein College of Medicine were transferred to a newly created not-for-profit corporation named Albert Einstein College of Medicine, Inc.

Assets included in the transfer were Einstein-related land and buildings in the Bronx, as well as Einstein-related investments and endowments. Yeshiva also transferred about $42 million of mortgage debt for the land and buildings to the new organization.

Yeshiva used some of its proceeds to redeem the $136.11 million of bonds.

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