Learn about Equitable School Revolving Fund, including Featured News, Loan Portfolio, and Program Administration Team.

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About Equitable School Revolving Fund

Equitable School Revolving Fund is a nonprofit social impact fund created to provide long-term, low-cost facility loans that allow high-performing charter schools to maximize the resources they dedicate to students.

High-performing charter schools promote bright futures for children across America. ESRF believes these schools should borrow under terms comparable to traditional public school districts.

ESRF is an "A" rated pooled fund that offers high-credit, long-term, scalable bond investment opportunities.

Loan Portfolio

Alliance for College-Ready Public Schools

Location: Los Angeles, California
Enrollment: Network: 12,982; Obligated Group: 8,154
Loan Amount: ~$28.0 million to advance refund bonds (Expected to close 9/30/2019)
School Site: www.laalliance.org
Ratings Direct: Alliance for College-Ready Public Schools
Obligor Summary: Alliance for College-Ready Public Schools Obligor Summary

Founded in 2004, Alliance College-Ready Public Schools is one of the largest charter school networks in the nation, operating 25 high-performing middle and high schools that educate nearly 13,000 students from Los Angeles’ most underserved communities. 95% of Alliance scholars have graduated from high school and been accepted to college, and the network’s schools have been recognized amongst the best in the nation by U.S. News and World Report, Newsweek, and the US and California Departments of Education.

Equitable School Revolving Fund has committed to funding a $28.0 million, 30-year, fixed-rate loan to Alliance to advance refund bonds used for the construction of two middle school campuses and to refinance a New Market Tax Credit transaction.

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Arlington Classics Acadamy

Location: Arlington, Texas
Enrollment: 1548
Loan Amount: $15.8 million
School Savings: ~$6.5M over 22 year term
School Link: www.acaedu.net
Ratings Direct: Arlington Classics Academy
Obligor Summary: Arlington Classics Academy Obligor Summary

Arlington Classics Academy (ACA) was founded in 1999 by a group of parents who wanted their children to experience an accredited curriculum that includes Spanish, Art and Music in small classroom settings and is predicated on high expectations for all students. ACA now operates across three campuses and serves 1,500 students in grades K-9. The school has earned the highest charter school designation under the Texas Education Agency’s accountability system since 2007. The strength of ACA’s academic program is rooted in continuous assessments and monitoring where students are encouraged to not just focus on where they are, but where they are “growing.”

Equitable School Revolving Fund provided a $15.8 million dollar loan to advance refund Series 2010 Bonds which were used to finance the construction of one facility as well as refinance previously issued debt. ACA locked in a 22-year fixed rate, fully amortizing loan, saving the school up to ~$6.5M over 22 years compared to the 2010 issue.

“Working with the staff of ESRF was truly a pleasure. It was immediately recognizable that their mission, as well as ours, was to return dollars to the classroom by reducing the cost of debt and debt issuance. The students and teachers of Arlington Classics Academy will notice the benefits of our partnership with ESRF for years to come.”

– Craig Sims, Executive Director of Schools, Arlington Classics Academy

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Arizona School for the Arts

Location: Phoenix, Arizona
Enrollment: 852
Loan #1 Amount: $10.62 million to advance refund bonds
Loan #2 Amount: $8.5 million to advance refund bonds 
Total School Savings: $8.4 million
School Site: www.goasa.org
Ratings Direct: Arizona School for the Arts
Obligor Summary: Arizona School for the Arts Obligor Summary

Arizona School for the Arts (ASA) – one of Arizona’s first charter schools – opened its doors in 1995 to 155 students in grades 7-10. Since then, ASA has expanded its campus to enroll 850 students in grades 5-12. The school utilizes a unique curriculum that blends rigorous academics and the performing arts, nurturing both artistic and academic minds. Recognized by the Department of Education as an Arizona Civic Engagement School of Excellence, ASA encourages their students to “think critically, communicate successfully and make well-reasoned decisions”. The school has also consistently earned an ‘A’ letter grade representing “excellent performance” from the Arizona Department of Education.

In 2019, EFF provided a $10.62 million, fixed rate, 30-year loan to ASA to advance refund bonds that financed the acquisition, expansion and renovations of its campus, saving the school approximately $4.7 million over the loan term.

In 2020, EFF provided ASA with an additional $8.5 million loan to refund bonds that were used to expand and renovate the school’s campus in 2011. This loan will save the school an additional[Savings Amount] compared to alternative financing options.

“The Equitable Facilities Fund provided Arizona School for the Arts with an unprecedented opportunity to refinance and dedicate more of our resources where they make the most impact – toward our Mission to provide innovative college preparation infused with the performing arts. Using the savings, ASA can now look to the future to create more noteworthy opportunities for our students and support our incredible faculty. The EFF team were knowledgeable and easy to work with. They fit right into our orchestra – skillfully playing their part so that we can play ours!”

– Leah Fregulia, Head of School / CEO

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Program Administration Team

Anand Kesavan

ESRF and EFF Founder & Chief Executive Officer

(734) 730-1025


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Michelle Getz

EFF Chief Credit Officer

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Wendy Berry

EFF Vice President of Structured Products and Research

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Michael McGregor

EFF Chief of Staff

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Marc Wancer

EFF Investment Principal

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Shannnon Falon

EFF Investment Associate

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Adyam Ghebre

EFF Investment Analyst

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Brian Kates

EFF Director of Finance

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Mark Medema

EFF School Outreach Advisor

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Renita Thukral

EFF General Counsel

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Karina Vadillo

EFF Investment Associate

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Kevin Alin

EFF Start-Up Advisor

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Akeem Caine

Operations Coordinator

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The ESRF Bond Program is administrated by Equitable Facilities Fund

Click the following link to visit Equitable Facilities Fund's site

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