Loan Portfolio

Learn about Loan Portfolio for Equitable School Revolving Fund, including Loan Portfolio Tables, Alliance for College-Ready Public Schools, and James Irwin Charter Schools.

Loan Portfolio Tables

Alliance for College-Ready Public Schools

Location: Los Angeles, California
Enrollment: Network: 12,982; Obligated Group: 8,154
Loan Amount: ~$28.0 million to advance refund bonds (Expected to close 9/30/2019)
School Site: www.laalliance.org
Ratings Direct: Alliance for College-Ready Public Schools
Obligor Summary: Alliance for College-Ready Public Schools Obligor Summary

Founded in 2004, Alliance College-Ready Public Schools is one of the largest charter school networks in the nation, operating 25 high-performing middle and high schools that educate nearly 13,000 students from Los Angeles’ most underserved communities. 95% of Alliance scholars have graduated from high school and been accepted to college, and the network’s schools have been recognized amongst the best in the nation by U.S. News and World Report, Newsweek, and the US and California Departments of Education.

Equitable School Revolving Fund has committed to funding a $28.0 million, 30-year, fixed-rate loan to Alliance to advance refund bonds used for the construction of two middle school campuses and to refinance a New Market Tax Credit transaction.

James Irwin Charter Schools

Location: Colorado Springs, Colorado
Enrollment: 1,982
Loan Amount: ~$26.4 million (Expected to close 8/31/2019)
School Site: www.jamesirwin.org
Ratings Direct: James Irwin Charter Schools
Obligor Summary: James Irwin Obligor Summary

James Irwin Charter Schools (JICS) opened its doors in the fall of 2000 with a vision to create a rigorous educational program that challenges students to achieve their academic potential. Since then, the school has grown to operate 5 schools and has established a legacy of excellence. JICS has been recognized nationally, statewide and locally for academic excellence and achievement by publications including US News & World Report and The Washington Post. The network’s programming prioritizes the “5 Pillars of Character”: Honesty, Integrity, Respect, Responsibility, and Excellence.

Equitable School Revolving Fund has committed to funding a $26.4 million loan to refinance bank notes that were used to acquire, construct, and expand JICS school facilities.

Blackstone Valley Prep Mayoral Academy

Location: Cumberland, Rhode Island
Enrollment: Network: 1959; High School: 350
Loan Amount: $16 million
School Savings: ~$1.8M over 30 year term
School Link: www.blackstonevalleyprep.org
Ratings Direct: Blackstone Valley Prep
Obligor Summary: Blackstone Valley Prep Obligor Summary

Blackstone Valley Prep (BVP) opened its doors in 2009 to 26 kindergarten scholars and has since grown to serve 1,959 students across three elementary schools, two middle schools, and one high school. BVP teachers and staff live by the mantra that “college begins in kindergarten” and have implemented a rigorous curriculum that has produced some of the strongest academic results in Rhode Island. The network utilizes a “diverse-by-design” model, enrolling students from four racially and socioeconomically diverse communities. Its culturally responsive curriculum aims to reflect and incorporate the range of experiences and backgrounds of its students. During the 2017-2018 school year, BVP juniors and seniors earned SAT scores that placed them in the top 10% in the state in Math and top 20% in Reading.

Equitable School Revolving Fund provided a $16.0M loan to finance the acquisition of the high school facility that BVP had previously leased from Civic Builders. BVP locked in a 30-year fixed rate loan that will save the network up to ~$1.8M over 30 years compared to projected lease payments.

“Equitable School Revolving Fund has been an incredible partner for Blackstone Valley Prep. As a relatively young and growing organization, our ability to access facilities funding was limited. The ESRF team, however, not only provided us with very favorable financing terms, but also provided sage strategic advice and counsel. As a result of this project, we are able to reallocate tens, if not hundreds of thousands of dollars into classrooms.” 

– Jeremy Chiappetta, CEO

Kipp Bay Area Public Schools

Location: Oakland, CA and San Jose, CA
Enrollment: Network: 5,700; Obligated Group: 989
Loan Amount: $16 million to refinance school facility construction
School Savings: ~$5M over 30 year term
School Link: www.kippbayarea.org
Ratings Direct: KIPP Bay Area Schools
Obligor Summary: KIPP Bay Area Schools Obligor Summary

Founded in 2002, KIPP Bay Area Public Schools (KBAS) operates 15 schools spanning grades K through 12 in educationally underserved areas of San Francisco, Oakland, San Lorenzo, San Jose, Redwood City, and East Palo Alto. KBAS is on a mission to disrupt inequities in educational access and outcomes and provide tools and guidance for students as they develop the knowledge, skills, and character essential to thrive in college, shape their futures, and positively impact the world. 94% of KBAS alumni graduate from high school and 84% of alumni matriculate to college.

Equitable School Revolving Fund provided a $16M loan to refinance construction of two new school facilities — a 30K square foot facility to house KIPP Heritage Academy in San Jose and a 17K square foot annex to accommodate enrollment growth at KIPP Bridge Academy in Oakland. ESRF provided a 30-year fixed rate, fully amortizing loan that will save KIPP Bay Area approximately $5M compared to the bond market alternative.

“Our experience working with ESRF was our first loan of this size. We were working on a tight timeline, and the ESRF team made the process seamless for us from diligence to loan close, collaborating with us through the typical challenges encountered during the loan process. ESRF partnered with us to put in place a flexible permanent legal structure that will enable us to achieve our long-term real estate goals in the San Francisco Bay Area. Ultimately, ESRF offered exceptional terms, eliminating interest rate risk with low transaction costs and flexible terms. Closing this loan efficiently means we can get back to the incredibly important work of running high-quality schools so that our students can lead choice-filled lives with purpose and passion.”

– Cory Harris, Managing Director of Finance

Arlington Classics Acadamy

Location: Arlington, Texas
Enrollment: 1548
Loan Amount: $15.8 million
School Savings: ~$6.5M over 22 year term
School Link: www.acaedu.net
Ratings Direct: Arlington Classics Academy
Obligor Summary: Arlington Classics Academy Obligor Summary

Arlington Classics Academy (ACA) was founded in 1999 by a group of parents who wanted their children to experience an accredited curriculum that includes Spanish, Art and Music in small classroom settings and is predicated on high expectations for all students. ACA now operates across three campuses and serves 1,500 students in grades K-9. The school has earned the highest charter school designation under the Texas Education Agency’s accountability system since 2007. The strength of ACA’s academic program is rooted in continuous assessments and monitoring where students are encouraged to not just focus on where they are, but where they are “growing.”

Equitable School Revolving Fund provided a $15.8 million dollar loan to advance refund Series 2010 Bonds which were used to finance the construction of one facility as well as refinance previously issued debt. ACA locked in a 22-year fixed rate, fully amortizing loan, saving the school up to ~$6.5M over 22 years compared to the 2010 issue.

“Working with the staff of ESRF was truly a pleasure. It was immediately recognizable that their mission, as well as ours, was to return dollars to the classroom by reducing the cost of debt and debt issuance. The students and teachers of Arlington Classics Academy will notice the benefits of our partnership with ESRF for years to come.”

– Craig Sims, Executive Director of Schools, Arlington Classics Academy

Arizona School for the Arts

Location: Phoenix, Arizona
Enrollment: 852
Loan Amount: $10.62 million to advance refund bonds
School Savings: ~$4.7M over 30 year term
School Site: www.goasa.org
Ratings Direct: Arizona School for the Arts
Obligor Summary: Arizona School for the Arts Obligor Summary

Arizona School for the Arts (ASA) – one of Arizona’s first charter schools – opened its doors in 1995 to 155 students in grades 7-10. Since then, ASA has expanded its campus to enroll 850 students in grades 5-12. The school utilizes a unique curriculum that blends rigorous academics and the performing arts, nurturing both artistic and academic minds. Recognized by the Department of Education as an Arizona Civic Engagement School of Excellence, ASA encourages their students to “think critically, communicate successfully and make well-reasoned decisions”.

Equitable School Revolving Fund provided a $10.62 million, fixed rate, 30-year loan to ASA to advance refund bonds that financed the acquisition, expansion and renovations of its campus, saving the school approximately $4.7 million over the loan term.

“The Equitable School Revolving Fund provided Arizona School for the Arts with an unprecedented opportunity to refinance and dedicate more of our resources where they make the most impact – toward our Mission to provide innovative college preparation infused with the performing arts. Using the savings, ASA can now look to the future to create more noteworthy opportunities for our students and support our incredible faculty. The ESRF team were knowledgeable and easy to work with. They fit right into our orchestra – skillfully playing their part so that we can play ours!”

– Leah Fregulia Head of School / CEO

KIPP Nashville

Location: Nashville, Tennessee
Enrollment: 2,038; Ewing Middle & Elementary School: 609
Loan Amount: $10.5 million to refinance facility acquisition and expansion
School Site: www.kippnashville.org
Ratings Direct: KIPP Nashville
Obligor Summary: KIPP Nashville Obligor Summary

Founded in 2005, KIPP Nashville is a six-school network dedicated to building a vibrant, successful culture in Nashville. The network enrolls students from 23 zip codes, serving families from a wide range of neighborhoods and socio-economic backgrounds. From the moment a KIPP student enrolls, they partake in a curriculum that reinforces the scholarly skills and habits needed for success in college and in life. KIPP Nashville’s commitment to help every student to get “to and through college” drives academic results that far exceed those of the surrounding district, and the first class of KIPP Nashville seniors graduated in 2018 with the highest average ACT scores of any KIPP high school in the country.

ESRF provided a $10.5M loan to refinance debt that was used for the acquisition of and renovations to the Ewing Park Campus (KIPP Nashville College Prep Elementary School and Middle School). Additionally, ESRF provided new money for an expansion and renovation project. KIPP Nashville locked in a 30-year, fixed-rate loan.

“ESRF is a truly mission aligned partner and that separates them from the field of lenders out there. For KIPP Nashville, the ESRF loan has allowed us to fix large proportion of our facility costs for 30 years while saving a significant amount of money compared to the rest of the market. We are able to pour more money into our day-to-day academic program and are better positioned to make long term decisions having more visibility and confidence in our long term financial model. We are grateful for the partnership and would highly recommend the ESRF team.”

– Dan Gennaoui, Chief Financial Officer

Soulsville Charter School

Location: Memphis, Tennessee
Enrollment: 645
Loan Amount/Purpose: $10.33 million to refinance a short-term bank loan
School Savings: ~$4.6M over 30 year term
School Link: www.soulsvillecharterschool.org
Ratings Direct: Not Rated
Obligor Summary: Soulsville Obligor Summary

Established in 2005 as one of the first charter schools in Tennessee, The Soulsville Charter School serves some of Memphis’s most vulnerable communities. The school’s rigorous academic programming and high expectations for students have produced a remarkable legacy of success: 100% of Soulsville graduates have been accepted to college. Additionally, a partnership with the nearby Stax Museum of American Soul Music provides students with unique, musically rich curricular opportunities.

Equitable School Revolving Fund (ESRF) provided a $10.33 million dollar loan to Soulsville to refinance New Market Tax Credit debt that funded the construction of the school’s 44,000-square-foot core facility building and a 15,000-square-foot multipurpose building. Compared to bond market financing, ESRF’s loan will save the school $155,233 a year and $4.6 million dollars over the life of the loan.

“ESRF’s efforts in helping us obtaining low-cost financing allow us to place even more emphasis on the quality of education our instructors and staff provide every day. It has helped us dedicate more resources to ensuring that every student we serve is prepared for a post-secondary education pathway and allowed us to focus more on our alumni support program to make sure students not only get accepted to college but graduate.”

– Ross Hurst, CFO, The Soulsville Foundation

Choices in Learning Elementary Charter School

Location: Winter Springs, Florida
Enrollment: 714
Loan Amount: $9.14 million to advance refund bonds
School Savings: ~$3.27M over 24 year term
School Link: www.choicesinlearning.org
Ratings Direct: Choices in learning
Obligor Summary: Choices in Learning Obligor Summary

Established in 2001, Choices in Learning has grown from serving 260 students in their first year to now serving over 700 students. It is one of Florida’s highest performing schools and has received the state Department of Education’s highest accountability designation of “A” every year. Choices’ mission is to provide students with an in-depth and well-rounded academic experience. By utilizing the “Success for All” curriculum, which encourages outstanding reading and cooperative skills and excellence in all areas of academics and behavior, Choices equips students with the skills to become active learners and responsible citizens.

Equitable School Revolving Fund provided a $9.14 million fixed rate, 24-year loan to Choices to advance refund bonds that were used for the acquisition and construction of the school’s facility. Loan proceeds will also be used to purchase and install shade structures for the building. The loan from ESRF will save the school approximately $3.27 million over the 24 year term.

“The ESRF team were extremely kind and helpful throughout the process of receiving approval and funding for our loan refinancing. It was apparent that they are committed to helping schools reduce their monthly costs so that funds may be used to benefit the school in the best manner possible! These savings will enable Choices In Learning Elementary Charter School to better support our students, families and staff as we strive to provide our students with the skills and strategies necessary for them to become lifelong learners and productive, compassionate members of our society!”

– Dr. Janet Kearney, Principal

Village Tech School

Location: Duncanville, Texas
Enrollment: 1295
CIF Loan: $9.04 million to fund facility improvements
School Savings: ~$789,112 over 30 year term
School Link: www.villagetechschools.org
Ratings Direct: Village Tech School
Obligor Summary: Village Tech Obligor Summary

The three C’s – Character, Challenge and Community – form the foundation upon which Village Tech students develop a sense of self and belonging. The school’s commitment to holistic education has prepared a diverse student body to succeed in life, and 100% of the Class of 2018 earned Texas’s highest possible graduation status.

Equitable School Revolving Fund provided a $9.04 million, fixed rate, 30-year loan to Village Tech to facilitate construction of the second phase of its permanent campus. Compared to the best alternative, ESRF will save the school $789,112 over the life of the loan.

“Partnering with ESRF on our financing is a charter leader’s dream come true. ESRF’s team went above and beyond to facilitate a smooth process, and we are thrilled to be an early partner of an organization dedicated to helping students build bright futures,” said Village Tech Schools CEO, David Williams. “Village Tech creates learning experiences that tap into students’ passions and connects them to one another, and to the world beyond school, so that students graduate with purpose, confidence and flexibility for an unpredictable future. The money ESRF allowed us to save will help us create these learning experiences for years to come.”

– David Williams, CEO/Superintendent Village Tech Schools

Rocketship United Academy

Location: Nashville, Tennessee
Enrollment: 544
Loan Amount: $7.3 million to acquire leased facility
School Savings: ~$2.7M over 30 year term
School Site: www.rocketshipschools.org/schools/united-academy
Ratings Direct: Not Rated
Obligor Summary: Rocketship United Academy Obligor Summary

A member of the national Rocketship Public Schools network, Rocketship United Academy (RUA) launched in 2015 and serves 544 elementary school students from under-served neighborhoods in Nashville. The school strives to meet the unique needs of every student through a blend of traditional instruction, adaptive technology, targeted tutoring, and enrichment opportunities. In 2017-2018, RUA was named a Reward School by the Tennessee Department of Education, the state’s highest recognition for student performance and progress. Additionally, RUA ranked in the top 12% off all metro Nashville public schools.

ESRF provided a $7.3M loan to finance the acquisition of the elementary school facility that RUA had previously leased from Turner Impact Capital. RUA locked in a 30-year fixed rate loan that will save the network up to ~$2.7M over 30 years compared to projected lease payments.

“We were pleased to hear of the presence of a facilities lender in the industry that was offering a direct, long-term financing option other than what can be found on the bond market. The alternative at ESRF provided us a way to meet our long-term financing objectives with lower transaction costs than we could have otherwise obtained – translating to lower annual costs for our school, where more funds can remain in school programming and student services. The leadership and staff were a pleasure to work with, and we hope to partner with ESRF again for Rocketship’s financing needs across the country.”

– Laura Kozel, VP Capital Finance