Yep. Although theirs was Patric Henry University, rather than College.
There is an article somewhere at one of the Rand / objectivist websites discussing if Ayn based PHU on PHC. Embarrassed to admit that I can’t remember the conclusion of the article for certain, but I think the connection was tenuous, at best.
I’d forgotten that the name of the university in Atlas Shrugged was Patrick Henry. It couldn’t have been named after this Patrick Henry College, which was established by and mainly for homeschool students only 13 years ago.
But, it’s interesting that the evangelical Christian Patrick Henry College and atheist Ayn Rand’s fictional university share the same name. She was a fan of Patrick Henry, too.