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Location: Los Angeles, California
Loan Amount: $16.1 million
Savings Amount: $3.5 million
School Site: www.renarts.org
Ratings Direct: Not Rated
Obligor Summary: Renaissance Arts Academy Obligor Summary
Founded in 2003, Renaissance Arts Academy serves 540 students in grades TK-12 in North East Los Angeles. The school brings together students from L.A.’s diverse ethnic, economic and cultural populations; 65% of whom come from low-income families. RenArts offers a unique program that integrates a classical curriculum with performing arts learning experiences. The school has received several noteworthy academic awards including USC’s Top Ten California Charter High Schools in 2015, was awarded a Gold Ribbon school in 2015, and is a 3-time winner of the California Distinguished School Award, an honor for high-performing schools that narrow the achievement gap. RenArts’ award- winning program has produced a 16-year history of strong student success, including 100% graduation, 97% acceptance to 4-year universities, and top 10% in statewide test scores.
EFF provided a $16.1M loan to finance the acquisition of the school that RenArts had previously leased from Turner Agassi. The school locked in a 30-year fixed rate loan that will save the network up to $3.5 million over 35 years compared to projected lease payments.
"EFF understands and values what we do as educators, exhibiting both genuine curiosity about the unconventional aspects of RenArts' educational approach, and nuanced understanding of the interaction between quantitative and qualitative data analysis. Every member of the EFF team was knowledgeable, professional, consistently supportive, and unfailingly patient. Each knew our school, our program, our strengths and the areas in which we needed guidance. Most importantly, their support was coordinated, enabling the project to be completed on a tight timeline, even in a challenging environment. At the height of the COVID-19 pandemic and closures, EFF managed to lock in bond funding and close escrow, saving us over 250K per year in debt service."
**PK Candaux, Executive Director, Renaissance Arts Academy **