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Location: Nashville, Tennessee
Enrollment: 2,038; Ewing Middle & Elementary School: 609
Loan #1 Amount: $10.5 million
Loan #2 Amount: $16.9 million
School Savings: $4.6 million
School Site: www.kippnashville.org
Ratings Direct: 2019 & 2020 Ratings Direct
Obligor Summary: Loan #1 Summary & Loan #2 Summary
Founded in 2005, KIPP Nashville is a six-school network dedicated to building a vibrant, successful culture in Nashville. The network enrolls students from 23 zip codes, serving families from a wide range of neighborhoods and socio-economic backgrounds. From the moment a KIPP student enrolls, they partake in a curriculum that reinforces the scholarly skills and habits needed for success in college and in life. KIPP Nashville’s commitment to help every student to get “to and through college” drives academic results that far exceed those of the surrounding district, and the first class of KIPP Nashville seniors graduated in 2018 with the highest average ACT scores of any KIPP high school in the country.
In 2019, EFF provided a $10.5 million, 30-year, fixed rate loan to refinance debt that financed the acquisition of and renovations to KIPP Nashville College Prep Elementary School and Middle School.
In 2020, EFF provided KIPP Nashville with an additional $16.9 million loan to build a new school facility for KIPP Antioch College Prep Middle School and refinance an existing loan used to finance a portion of KIPP’s elementary school on the same campus. By securing another 30-year, fixed-rate loan, KIPP Nashville will save over to $4.6 million in total compared to alternative financing options.
“EFF is a truly mission aligned partner and that separates them from the field of lenders out there. For KIPP Nashville, the EFF loan has allowed us to fix large proportion of our facility costs for 30 years while saving a significant amount of money compared to the rest of the market. We are able to pour more money into our day-to-day academic program and are better positioned to make long term decisions having more visibility and confidence in our long term financial model. We are grateful for the partnership and would highly recommend the EFF team.”
– **Dan Gennaoui, Chief Financial Officer, KIPP Nashville **