Villanova University will pick up $45 million in debt for acquiring Cabrini’s campus this June, then will spend another $25 million on campus improvements, writes Harold Brubaker for The Philadelphia Inquirer.

That information was disclosed in a $215 million bond sale filing released Wednesday.

Villanova will start using the Cabrini campus in August 2026.

The bond sale funds will also pay for a new 150,000-square-foot building for Villanova’s main library and other facilities. 

The new building, Vic Maggitti Hall, in honor of a $20 million gift from Victor J. Maggitti Jr., is estimated to cost $163 million.

Villanova finalized an agreement in November for acquiring Cabrini’s campus, a 112-acre property. No financial details were released at the time, except to say that Cabrini’s $42 million endowment will be transferred to Villanova.

Villanova has an endowment that was worth $1.2 billion as of the end of May.

Cabrini University was founded in 1957 by the Missionary Sisters of the Heart of Jesus.

The university’s financial troubles, brought on by declining enrollments and operating losses, had been building for many years and caused its credit rating to be downgraded.

Find out more about the history of Cabrini University in The Philadelphia Inquirer.