About

Project

Blackstone Valley Prep Mayoral Academy

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Loan Portfolio

Location: Cumberland, Rhode Island
Enrollment: Network: 1959; High School: 350
Loan Amount #1: $16 Million
Loan Amount #2: $15.9 Million
School Savings: $8.0 Million
School Link: www.blackstonevalleyprep.org
Ratings Direct: 2019 and 2020 Ratings Direct
Obligor Summary: BVP #1  & BVP #2

Blackstone Valley Prep (BVP) opened its doors in 2009 to 26 kindergarten scholars and has since grown to serve 2,112 students across three elementary schools, two middle schools, and one high school. BVP teachers and staff live by the mantra that “college begins in kindergarten” and have implemented a rigorous curriculum that has produced some of the strongest academic results in Rhode Island. The network utilizes a “diverse-by-design” model, enrolling students from four racially and socioeconomically diverse communities. Its culturally responsive curriculum aims to reflect and incorporate the range of experiences and backgrounds of its students. During the 2017-2018 school year, BVP juniors and seniors earned SAT scores that placed them in the top 10% in the state in Math and top 20% in Reading.

In 2019, EFF provided a $16.0M, 30-year, fixed-rate loan to finance the acquisition of the high school facility that BVP had previously leased from Civic Builders.

In 2021, EFF provided BVP with an additional $15.9M loan to finance the acquisition of an elementary school building leased from Civic Builders, refinance debt used to purchase another elementary school facility, and refinance multiple loans associated with the acquisition and improvement of other network campuses.. 

In aggregate, financing from EFF will save BVP over $8.0 million to re-purpose to high-quality teaching and learning.

“Equitable Facilities Fund has been an incredible partner for Blackstone Valley Prep. As a relatively young and growing organization, our ability to access facilities funding was limited. The EFF team, however, not only provided us with very favorable financing terms, but also provided sage strategic advice and counsel. As a result of this project, we are able to reallocate tens, if not hundreds of thousands of dollars into classrooms.”
– Jeremy Chiappetta, CEO, Blackstone Valley Prep