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Location: New Bedford, Massachusetts
Loan Amount: $21 Million
Savings Amount: $7.1 Million
School Site: www.almadelmar.org
Ratings Direct: Alma del Mar Charter School
Obligor Summary: Alma del Mar Charter School Obligor Summary
Founded in New Bedford, MA in 2011, Alma del Mar Charter School (“Alma”) serves 650 students in grades K-8 across two campuses. Alma’s mission and curricula seek to put students on a college trajectory and challenge them to be service-oriented leaders. The teachers and staff at Alma have done an exceptional job promoting the academic success of their students, as the school’s proficiency rates in ELA and math are typically two to three times as high as the surrounding district’s. Alma prides itself in serving a diverse student body that reflects the New Bedford Community, including 31% of students who are English Language Learners.
EFF provided a $21 million loan to finance the construction of a 55,000 sq. ft. facility which will serve as home to 594 students at the network’s Alma II campus. The school secured a 30-year loan, fixed-rate loan that will produce over $7.1 million in savings compared to alternative financing options.
"We were so impressed with what EFF brought to this process. Unlike traditional lenders, they have a deep knowledge of our model and our needs as a charter, which meant we were able to engage in a substantive process quickly and create a deal that honored our specific mission, needs and timeline. EFF clearly knows that the time and resources we save working with them on this project go directly to kids and classrooms-- it was great working with a partner who shared this value."
-Will Gardner, Executive Director, Alma del Mar Charter School