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Location: Alburquerque, New Mexico
Loan #1 Amount: $32.2 million
School Site: www.missionachievementandsuccess.com
Obligor Summary: Mission Achievement and Success Charter School Obligor Summary
Founded in 2012, Mission Achievement and Success Charter School (“MAS”) serves 2,100 students across two campuses in Albuquerque, NM. The network’s mission is “to prepare students to be successful in college and in life by providing a rigorous college preparatory program in a safe and effective learning environment.” MAS’s primary objective is to “instill in students a commitment to high academic achievement, continual goal setting, and principles of personal success.”
MAS’s founder and CEO, JoAnn Mitchell, has worked in the education sector for 18 years. Earlier in her career, Ms. Mitchell spent several years working as a teacher and principal in New Mexico. After seeing the lack of quality public education options available in Albuquerque for low-income and student-of-color communities, Ms. Mitchell founded MAS to ensure students in the area receive the exceptional education they deserve. The high-quality academic programming offered at MAS has allowed the network to outperform the district and state across ELA and Math in most grades. 93% of the network’s students identify as non-white and 100% qualify for free or reduced price lunch.
EFF provided a $32.2 million loan to acquire a currently leased facility, which includes 16 acres of land and an existing building. MAS will also use proceeds from the loan to fund construction on the same facility. The 30-year fixed-rate loan will produce over $X million in savings compared to alternative financing options.
“This is MAS Charter School's first ever facility purchase, and part of our avoidance to go from renting a facility to purchasing land and building a school was the sheer magnitude of navigating the process, including finding affordable financing. Having the opportunity to work with EFF was an absolute blessing. Not only were we able to significantly reduce costs associated with this project through their financing option, but EFF made the process painless for our organization as we navigated our first facility financing. EFF was patient and supportive through the entire process, all while reducing costs that can be funneled directly back to the students we serve. As I shared on the day of our closing, the school that will be built with the support of EFF's financing represents so much more than a school building. To us, this building is symbolic of hope, symbolic of opportunity, and symbolic of self-worth for the young people that we serve. Thank you EFF for your support and partnership with MAS and our entire school community.”
-JoAnn Mitchell, CEO & Founder, Mission Achievement and Success Charter Schools