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Location: Memphis, TN
Loan Amount: $11.6 million
Savings Amount: $1.5 million
School Site: www.memphisrise.org
Ratings Direct: Memphis Rise Academy
Obligor Summary: Memphis Rise Academy Obligor Summary
Founded in 2013, Memphis Rise Academy (“MRA”) serves 766 students in grades 6-12 in Memphis, Tennessee. The school’s mission is to provide all of its students with an education that will prepare them to be successful in the nation’s most competitive colleges and universities, by serving any student who has the determination to rise to meet and exceed his or her most ambitious goals through the attainment of an excellent education. MRA has created a robust academic program and school model that is heavily influenced by school founder Jack Vuylsteke’s participation in the Building Excellent Schools fellowship. The dedicated faculty and staff at MRA not only work hard to prepare their students for college, but also empower them to be self-motivated by working with students to create personalized benchmarks for their academic success. This model is utilized in all grades with a particular emphasis in high school when students participate in advisory programs that focus equally on academic goals and college preparatory counseling. The success of this rigorous, well-balanced program is evident in ELA and Math proficiency rates that far exceed district levels. MRA services racially and ethnically diverse communities, as 82% of students were from low-income families, and 93% are students of color.
EFF provided a $11.6 million loan to refinance debt that was used to acquire and build the Middle School and High School facilities, and fund costs associated with the installation of a new traffic signal. The 30-year fixed-rate loan will produce over $1.5 million in savings compared to alternative financing options.
"Memphis Rise Academy was honored to be able to partner with Equitable Facilities Fund on our facility refinancing. Because of that partnership, we now know that our school's financial future is far more secure, and that our ability to serve our students adequately because of that future is stronger than ever before. As our school has now graduated its first class and is preparing to send more students off to bright futures, we are extremely grateful to have an amazing flagship facility to house all of our grade levels and support the greater needs of the vibrant northeast Memphis community."
-Jack Vuylsteke, Executive Director, Memphis Rise Academy