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Location: Newark, New Jersey
Loan Amount: $21.5 million
Savings Amount: $1.4 million
School Site: www.kippnj.org
Ratings Direct: KIPP New Jersey
Obligor Summary: TEAM KIPP New Jersey Obligor Summary
KIPP New Jersey first opened its doors in Newark’s South Ward in 2002 to welcome a single class of 80 fifth graders. Since then, the school has grown to serve over 4,700 K-12 students, 90% of whom come from economically underserved communities. The school has built a reputation for providing a high-quality education option to families in Newark. KIPP NJ’s students outperform their wealthier peers throughout the state, and the network’s alumni earn college degrees at more than three times the national average for students from low-income families. The school’s success is driven by fostering a culture of academic excellence and intellectual curiosity through individualized instruction that meets the learning needs of every student.
EFF provided a $21.0M loan to finance the acquisition and renovation of a school facility that will house KIPP NJ’s SEEK Academy. The school locked in a 30-year, fixed rate loan that will save the network $1.4 million over the life of the loan.
“Equitable Facilities Fund is a very valuable partner of ours because they recognize the importance of all children having access to a quality education and the facilities they deserve. For TEAM Academy Charter Schools, the EFF loan has saved a significant amount of money which will allow us to reallocate more money into our classrooms. Thanks to their expertise and commitment, we were able to close on this loan efficiently, continue our growth and dedicate more resources to ensuring that every student we educate is prepared for college and life beyond”
– Steven Small, CFO, KIPP New Jersey