LOUISBURG COLLEGE NEWS RELEASE
Director of Communications & Marketing
Phone: (919) 497-3330
FOR IMMEDIATE RELEASE
March 4, 2013
Louisburg College Reclaims Ownership of Renovated Residence Halls
LOUISBURG, NC - Louisburg College is pleased to announce the re-acquisition of three residence halls that have been owned by an outside partner since 2003. Kenan Hall, Merritt Hall, and Hillman-Morris Hall once again became the property of Louisburg College on Tuesday, February 26, 2013, an achievement made possible by a loan from the United States Department of Agriculture's Rural Development division.
Though Louisburg College employees have continuously staffed the day-to-day operations of the three halls since their original construction in the mid-1900's, legal ownership had been transferred in 2003 to Athena Housing Partners, a Tennessee-based corporation that provided funds for an extensive renovation of the buildings.
"Repurchasing these three residence halls is an historic milestone for the College," says Louisburg College president Mark La Branche. "The direct loan we were afforded by the USDA will allow us to realize a substantial amount of revenue, which will be reinvested in the College and our community." The 30-year loan will be repaid at an interest rate of 3.125 percent.