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Learn about Loan Portfolio for Equitable School Revolving Fund, including Loan Portfolio Tables, Alliance for College-Ready Public Schools, and Alma del Mar Charter School.
Location: Los Angeles, California
Enrollment: Network: 12,982; Obligated Group: 8,154
Loan Amount: $28.0 million
Savings Amount: $3.4 million
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.
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
Location: Arlington, Texas
Loan Amount: $15.8 million
School Savings: $5.5 million
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 $5.5 million 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
Location: Phoenix, Arizona
Loan #1 Amount: $10.62 million
Loan #2 Amount: $8.5 million
Total School Savings: $8.1 million
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”. The school has also consistently earned an ‘A’ letter grade representing “excellent performance” from the Arizona Department of Education.
In 2019, EFF 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 $3.8 million over the loan term.
In 2020, EFF provided ASA with an additional $8.5 million loan to refund bonds that were used to expand and renovate the school’s campus in 2011. This loan will save the school an additional $4.3 million compared to alternative financing options.
“The Equitable Facilities 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 EFF 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, Arizona School for the Arts **
Location: Austin, Texas
Loan Amount: $29.7 Million
Savings Amount: $7.9 Million
School Site: www.austinachieve.org
Ratings Direct: Austin Achieve Public Schools
Obligor Summary: Austin Achieve Public Schools Obligor Summary
Founded in 2011, Austin Achieve Public Schools (“AAPS”) serves 2,187 students in grades PK-12 in Austin, Texas. AAPS believes that all students, regardless of socioeconomic status, should receive an excellent education and is on a mission to prepare the youth of East Austin to excel at the nation’s top colleges and universities. The schools curriculum promotes college readiness through key principles including academic rigor, digital literacy, emotional intelligence and extracurricular involvement. AAPS has developed an excellent reputation for serving the East Austin community and a student population that predominantly identifies as Hispanic and comes from low-income families.
EFF provided a $29.7 million loan to refinance bonds used in connection for the acquisition, construction and renovation of AAPS’s elementary and middle school facilities, which combined created 1,680 seats to serve Austin’s families. The 30-year fixed-rate loan will produce over $7.9 million in savings compared to alternative financing options.
"The entire EFF team was awesome to work with every step of the way! I also appreciate that they have such a keen interest in offering more competitive interest rates so that schools can put more dollars into classrooms in service of the communities they serve."
**-John Armbrust, Founder and Chief Executive Officer, Austin Achieve Public Schools **
Location: Cumberland, Rhode Island
Enrollment: Network: 1959; High School: 350
Loan Amount #1: $16 Million
Loan Amount #2: $15.9 Million
School Savings: $8.0 Million
School Link: www.blackstonevalleyprep.org
Ratings Direct: 2019 and 2020 Ratings Direct
Obligor Summary: BVP #1 & BVP #2
Blackstone Valley Prep (BVP) opened its doors in 2009 to 26 kindergarten scholars and has since grown to serve 2,112 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.
In 2019, EFF provided a $16.0M, 30-year, fixed-rate loan to finance the acquisition of the high school facility that BVP had previously leased from Civic Builders.
In 2021, EFF provided BVP with an additional $15.9M loan to finance the acquisition of an elementary school building leased from Civic Builders, refinance debt used to purchase another elementary school facility, and refinance multiple loans associated with the acquisition and improvement of other network campuses..
In aggregate, financing from EFF will save BVP over $8.0 million to re-purpose to high-quality teaching and learning.
“Equitable Facilities 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 EFF 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, Blackstone Valley Prep
Location: Kansas City, Missouri
Loan Amount: $5.6 million
School Savings: $2.4 million
School Site: www.brooksidecharter.org
Ratings Direct: Brookside Charter School
Obligor Summary: Brookside Charter School Obligor Summary
Founded in Kansas City, MO in 2002, Brookside serves 745 students in grades PK-8 and has a mission to “develop leaders who bravely make the world a more just place [and] nurture the whole child, instill a growth mindset, and foster cultural competence.” The school practices a philosophy known as “The Leader in Me,” which promotes individual leadership and positive character at school, home, and the community.. Brookside’s dedicated teachers and leaders support outstanding academic results for their students, 95% of whom are Black and Hispanic and 100% of whom come from low-income backgrounds. The school consistently outperforms district and state proficiency rates and earned a highly-regarded certification as a “Lighthouse School” for its extraordinary impact on students, staff, parents, and the greater community. Additionally, Brookside superintendent Roger Offield was named 2019 Charter School Leader of the Year by the Missouri Charter Public School Association.
EFF provided a $5.6 million loan to refinance a New Market Tax Credit leveraged-loan on its existing facility and the acquisition of an adjacent building to provide extra-curricular activity and office space. The school locked in a 30-year, fixed-rate loan that will save them over to $2.4 million compared to alternative financing options.
Location: Vallejo and Richmond, California
Loan Amount: $14.3 million
Savings Amount: $4.0 million
School Site: www.caliberschools.org
Ratings Direct: Caliber Public Schools
Obligor Summary: Caliber Public Schools ChangeMakers Academy Obligor Summary
Established in 2014, Caliber is a two-school network that serves over 1,600 students in grades Pre-K to 8 and has a mission to “achieve equity by shifting the experiences, expectations and outcomes for students in historically underserved communities.” The school’s educational program and philosophy is founded on four guiding pillars designed to equip graduates to have skills in critical thinking, emotional intelligence, academic college readiness, and agents of change. Caliber’s students – over 70% of whom qualify as low-income – typically outperform their peers throughout California on state Math and ELA assessments.
EFF provided Caliber with a 30-year, fixed-rate loan to purchase their ChangeMakers Academy facility in Vallejo. Caliber will save $4 million over the life of the loan, redirecting valuable resources to the school’s high-impact classrooms.
“We are eternally grateful to EFF for providing the funding for a permanent home that our students and families can be proud of. We would never have been able to navigate the complexities of this financing structure without the expertise they brought to the table. They understood what we were trying to accomplish and worked tirelessly to optimize the structure for our needs. We couldn’t be happier with the end result!”
– Markus Mullarkey, Chief Operating Officer, Caliber Public Schools
Location: Winter Springs, Florida
Loan Amount: $9.14 million
School Savings: $3.8 million
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 $3.8 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, Choices in Learning
Location: New Port Richey, Florida
Loan Amount: $10.6 million
School Savings: $3.0 million
School Site: https://dayspring.academy
Ratings Direct: Dayspring Academy Charter School
Obligor Summary: Dayspring Academy Charter School Obligor Summary
Founded in New Port Richey, FL in 2000, Dayspring Academy serves 911 students in grades PK-12 and has a mission to “to prepare learners of Pasco County for high school, college, and for the workforce by delivering a world class education through the arts in a collaborative environment fueled by a passion for learning.” Dayspring’s vision is to “create an education family, which develops character driven, culturally literate, life-long learners who bring value to their community.” Dayspring’s committed teachers and leaders provide a high-quality education option to New Port Richey’s families, and in 2018-2019 the school outperformed both state and host district proficiency rates in every grade tested. Dayspring is also one of only 16 schools in Florida with a 100% high school graduation rate.
Dayspring will use proceeds from the $10.6 million loan from EFF to refinance’s existing debt and construct a new 22,000 square foot high school facility.. The 30-year, fixed-rate loan that will save the school over $3.0 million compared to alternative financing options.
“Equitable Faculties Fund has been an amazing finance and construction strategic partner for our school and our whole community. EFF provided the necessary capital for the expansion for a new elementary school campus, a new Early College High School campus, and refinanced our existing mortgage to a much lower rate, allowing more funds to flow to the classroom. The mission, dedication, and professional of the whole EFF team has allowed our team to focus on what mattered most, students and student achievement. We are forever grateful for our partnership with Equitable Faculties Fund.”
– John Legg, Chief Financial Officer, Dayspring Academy Charter School
Location: Los Angeles, California
Loan Amount: $30.8 million
School Savings: $10.4 million
School Site: www.equitasacademy.org
Ratings Direct: Equitas Academy
Obligor Summary: Equitas Academy Obligor Summary
Founded in 2009, Equitas Academy Charter School serves 1,962 students in grades TK-8 in the Pico Union neighborhood of Los Angeles, California. Equitas’s mission is to provide a “structured, achievement-based community that prepares students to graduate from four-year colleges and universities.” The school strives to meet this mission with the use of a multifaceted approach that has an emphasis on aligned, college prep curriculum; character development; data-driven focus; people development; and parent partnerships. Equitas’s dedicated faculty and staff have excelled at serving the Pico Union community and the school’s students, 35% of whom are English Language Learners, consistently outperform their peers across the district and state.
EFF provided a $30.8 million loan which will be used to acquire and renovate a new facility that will house two elementary schools. The 30-year fixed-rate loan will produce over $10.4 million in savings compared to alternative financing options.
EFF is a valuable partner in our efforts to ensure that every scholar is on the path to successfully graduate from a four year university. The dollars we saved through this financing will go back into the classroom to provide rigorous and joyful educational experience for our scholars while creating facilities that are worthy of the community that we serve. EFF was able to think outside the box as this effort was complicated by the impact of COVID-19 on the process. Their team continually sought creative solutions to the challenges.
-Maggie Ford, Chief Operating Officer, Equitas Academy Charter School
Location: Newark, New Jersey
Loan Amount: $17.5 Million
Savings Amount: TBD
School Site: www.greatoakslegacy.org
Ratings Direct: Great Oaks Legacy Charter School
Obligor Summary: Great Oaks Legacy Charter School Obligor Summary
Founded in 2011, Great Oaks Legacy Charter School serves 1,822 students in grades K-12 across six campuses in Newark, New Jersey. The school's mission is to prepare its students for success in college. Great Oaks does this by creating a strong community built on genuine and meaningful relationships, supporting all students, and setting high expectations for academic growth. Students at the network’s middle and high schools receive daily tutoring during the school day from a member of the Great Oaks Tutor Corps, a one year fellowship facilitated by the national AmeriCorps program.. This unique high-support model has enabled Great Oaks students to far outperform proficiency rates for the surrounding district. 100% of seniors in the Class of 2020 graduated from high school and 79% matriculated to college, further demonstrating the network’s success in closing the opportunity gap for its students, 86% of whom qualify for free or reduced price lunch and 99% of whom identify as non-white.
EFF provided a $17.5 million loan to finance the construction of a new middle school facility in Newark’s West Ward that will allow Great Oaks to serve over 150 additional students.
“When it was time to finance the biggest facilities project in our school's 10 year history, Great Oaks Legacy wanted to be sure we were working with a lending partner that is mission-driven, high-integrity, and focused on putting students first. EFF has been exactly that partner for us and has made the construction of a beautiful new school for children in Newark's West Ward possible while allowing Great Oaks Legacy to be sustainable on the public dollar.”
Benjamin Carson, Chief Financial Officer, Great Oaks Legacy Charter School
Location: Baton Rouge, Louisiana
Loan Amount: $17.5 Million
School Savings: $1 Million
School Site: www.ideapublicschools.org
Ratings Direct: IDEA Innovation Ratings Direct
Obligor Summary: IDEA Innovation Obligor Summary
Founded in 2000, IDEA Public Schools (IDEA) serves over 53,000 college-bound students in 96 schools across Texas and Southern Louisiana and is regarded as one of the nation’s top charter school networks, ranking in the top 25 percent of all schools in Texas in the 2019 TEA Accountability Ratings. Founded in 2018, IDEA Innovation was one of the network’s first schools in Baton Rouge and serves 578 students in grades K-3 and 6-7 at a single campus. The school’s mission is to set high expectations for every student and to enable them to realize their own potential. The faculty at IDEA Louisiana strives to ensure all of their students are set up for success in both college and citizenship, which will ultimately put an end to the cycle of poverty. IDEA Louisiana’s student population is diverse, with 21% of students are English Language Learners and 93% of the students identified as ethnic minorities.
EFF provided a $17.5 million loan to finance IDEA Innovation’s acquisition of their previously leased campus from New Schools for Baton Rouge. Affordable, long-term financing from EFF will be a critical component of IDEA’s continued growth to serve more students in the Louisiana region. The 30-year fixed-rate loan will produce over $1 million in savings compared to alternative financing options.
Founded in 2016, Impact Public Schools (“Impact”) serves 386 students in grades K-3 around the greater Seattle Metropolitan area in Washington, and expects to grow into a four-school network that will serve approximately 2,250 students in grades TK-5. The school’s mission is to prepare a diverse student population to succeed in college and impact communities as the next generation of equity-driven, innovative leaders. Impact focuses on closing the achievement gap by operating elementary schools that focus on: Relationships, Agency, and Empowerment. The community that Impact serves is home to a large refugee and immigrant population, as most of the student body is made up of economically disadvantaged students of color. Impact has received praise from the Washington Charter School Association for their innovative academic model and exceptional results.
EFF provided a $10.1 million loan to refinance existing debt for one of their elementary schools. The project will allow the school to open two new campuses that will serve over 1,000 additional students. The 35-year fixed loan will produce over $6.5 million in savings compared to alternative financing options.
"We are deeply grateful to the full team at EFF for both their incredible support and leadership through the process and for believing in our young charter sector in Washington state. Their highly competitive interest rate sets our flagship school up for long-term sustainability, allowing more resources to go directly to classrooms. EFF was persistent and creative with us as we worked through several unforeseen challenges due to COVID-19. I can't imagine a more mission-aligned, committed, and thoughtful team to work with on this important project. Thank you for helping us prepare the next generation of equity-driven, innovative leaders!"
Jen Davis Wickens, Chief Executive Officer, Impact Public Schools
Location: West Jordan, Utah
Loan Amount: $7.9 million
Savings Amount: $1.8 million
School Site: www.iechs.org/
Ratings Direct: Itineris Early College High School
Obligor Summary: Itineris Early College High School Obligor Summary
Founded in 2004, Itineris serves a diverse population of 372 students in grades 10 to 12. The school prioritizes STEM education and post-secondary success by offering a curriculum that enables students to earn up to two years of college credit. Itineris graduates have outperformed state and national ACT composite averages every year since 2005-06, and the high school is consistently recognized as one of the best in Utah.
EFF’s team provided Itineris with a 30-year, fixed-rate loan to refinance bonds used to construct a new, permanent school facility. Our unwavering commitment to deliver value to schools will save Itineris $1.8 million over the life of the loan, redirecting valuable resources to the school’s high-impact classrooms.
“We had the pleasure of refinancing our school loan with EFF recently. Even though we’ve been around for over 15 years, our school has been through some drastic changes over the last few years including changing authorizers, reconfiguring grade levels, and building a new school facility. Our loan was on the public bond market at a high rate due to our circumstances and after paying those high rates for five years, we were able to refinance and nearly cut our rate in half with EFF as well as have our reserve funds converted to savings. The savings will allow us to retain and recruit qualified teachers, lower class sizes, and offer a more diverse course selection to students. We are looking forward to the next 30 years with our new partner as EFF has demonstrated through the loan process their unique business model of support for success.”
– Renée Edwards, Principal Itineris Early College High School
Location: Colorado Springs, Colorado
Loan Amount: $24.5 million
Savings Amount: $3.0 million
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 $24.5 million loan to refinance bank notes that were used to acquire, construct, and expand JICS school facilities.
Location: Albany, NY
Loan Amount: $24.5 Million
School Savings: $3.6 Million
School Site: www.kippalbany.org
Ratings Direct: KIPP Albany Community Public Schools
Obligor Summary: KIPP Albany Community Public Schools Obligor Summary
KIPP Albany Community Public Schools was established in 2020 after the merger of two of Albany’s longest-serving charter schools, KIPP Tech Valley and Albany Community Charter School (ACCS). The network serves over 1,500 students in grades K-8 across four campuses with a mission to prepare students for the paths they choose in life and allow them to create a more just world. KIPP provides an excellent education option for some of Albany’s most underserved communities and the vast majority of its students qualify for free or reduced-price lunch and are people of color. In 2019, KIPP Tech Valley earned distinction as a New York State distinction school, an honor reserved for the top 15% of schools in the state.
EFF provided a $24.5 million loan to refinance KIPP Albany’s existing debt. The 30-year fixed-rate loan will produce over $3.6 million in savings compared to alternative financing options.
"In the midst of a challenging year for schools due to the Covid-19 pandemic, Equitable Facilities Fund became a trusted and valuable partner for KIPP Albany. Our transaction with EFF, a refinancing of all of our existing debt, has put our organization on strong financial footing for the future and was made easy by EFF's strong and knowledgeable partnership. The savings we will realize both immediately and long-term ensures a true impact on our program and will allow us to demonstrate continued strength and growth in Albany. As we fulfill our mission of providing joyful, academically excellent schools for all of our students, we are grateful to have a partner like EFF that is equally focused on dedicating more resources to our students."
-Stephanie Valle, Executive Director, KIPP Albany Community Public Charter Schools
Location: Oakland, CA and San Jose, CA
Enrollment: Network: 5,700; Obligated Group: 989
Loan Amount: $16 million
School Savings: $5 million
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 $16 million 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 $5 million 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, KIPP Bay Area Public Schools
Location: Nashville, Tennessee
Enrollment: 2,038; Ewing Middle & Elementary School: 609
Loan #1 Amount: $10.5 million
Loan #2 Amount: $16.9 million
School Savings: $4.6 million
School Site: www.kippnashville.org
Ratings Direct: 2019 & 2020 Ratings Direct
Obligor Summary: Loan #1 Summary & Loan #2 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.
In 2019, EFF provided a $10.5 million, 30-year, fixed rate loan to refinance debt that financed the acquisition of and renovations to KIPP Nashville College Prep Elementary School and Middle School.
In 2020, EFF provided KIPP Nashville with an additional $16.9 million loan to build a new school facility for KIPP Antioch College Prep Middle School and refinance an existing loan used to finance a portion of KIPP’s elementary school on the same campus. By securing another 30-year, fixed-rate loan, KIPP Nashville will save over to $4.6 million in total compared to alternative financing options.
“EFF is a truly mission aligned partner and that separates them from the field of lenders out there. For KIPP Nashville, the EFF 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 EFF team.”
– **Dan Gennaoui, Chief Financial Officer, KIPP Nashville **
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
Location: Little Rock, Arkansas
Loan Amount: $18.0 million
Savings Amount: $3.2 million
School Site: www.lisaacademy.org
Ratings Direct: LISA Academy
Obligor Summary: LISA Academy Obligor Summary
Founded in 2004, LISA Academy (“LISA”) serves 3,342 students in grades K-12 across seven campuses in Little Rock, Arkansas. The school’s mission is to provide an academically rigorous college preparatory program, in partnership with students, families, and the community, and guide all students in gaining knowledge, skills, and the attitude necessary to direct their lives, improve a diverse society, and excel in a changing world by providing dynamic, resource-rich learning environments. LISA’s schools all offer Science, Technology, Engineering and Mathematics (STEM) focused curriculum and a college preparatory program for its students. LISA has organized and hosted the annual Arkansas STEM Festival for seven years now, which invites over two thousand public school students to compete. The devoted faculty and staff at LISA work towards enabling students to succeed in school and in the workplace, and to provide an option for students to enter math, science and engineering careers. With the dedication behind their STEM curriculum, LISA has consistently outperformed the district in ELA and Math proficiency rate, while boasting a strong 100% graduation rate and 95% college-acceptance rate. LISA been also nationally recognized as the Most Diverse School District in the state of Arkansas, as families speak more than 35 languages. The student body population is made up of 80% students of color, and 61% of students are from low-income families.
EFF provided a $18.0 million loan to purchase two of LISA’s existing leased facilities from the current leasing company. The 35-year fixed-rate loan will produce over $3.2 million in savings compared to alternative financing options.
"We are very happy to partner with EFF. As a result of the low-interest long-term loan provided by the EFF, the state budget allocated for student education will be used most productively. Thus, as educators, we will be able to focus more on education and further improve the quality of education by using the available opportunities in the most effective way. We are grateful to EFF for its understanding and caring support in educating the Little Scholars of Arkansas"
**Dr. Fatih Bogrek, CEO & Superintendent, LISA Academy **
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
Founded in 1998, NYOS serves 1,063 students in grades PK-12 and will nearly double in size over the coming years. The school’s culture, commitment to families, and diverse-by-design model have contributed to a reputation as one of Texas’s best public charter schools. NYOS values the strengths and needs of every child, promotes a personalized learning environment with small class sizes, and uses a “class-looping” strategy where students remain with the same teacher for two years. The school consistently outperforms the state and its sending district on Math, ELA and SAT/ACT tests and has earned distinction as one of the nation’s best high schools from US News and World Report.
EFF provided a $25.3 million loan to finance the construction of a new campus that will accommodate enrollment growth at NYOS. The school locked in a 30-year fixed rate loan that will save them $8.7 million over the life of the loan.
“With EFF, relationships matter, in the very best way. Anand and his team spent months getting to know us at NYOS and we built trust while working through the stages of the lending process. I was particularly struck by their genuine curiosity about the school and their willingness to help us figure out workable solutions. By the time we signed the deal, we had a solid foundation for a great working relationship. NYOS is proud to be part of the EFF portfolio.”
– Kathleen Zimmermann, Executive Director, NYOS Charter School
Location: Indianapolis, IN
Loan Amount: $13.7 million
Savings Amount: $2.1 million
School Site: www.paramountindy.org
Ratings Direct: Paramount Schools of Excellence
Obligor Summary: Paramount Schools of Excellence Obligor Summary
Founded in 2010, Paramount Schools of Excellence serves 1,256 students in grades K-8across 3 campuses in Indianapolis, IN. Paramount will be opening its fourth school, a fully virtual campus, in fall 2021. The school’s mission is to inspire learning through an unparalleled academic approach and to transform communities by changing lives. Paramount’s model embraces the fundamental, clear practice of cultivating the “depth of knowledge” of each student for each Indiana Academic Standard. The school incorporates science, technology, engineering, arts, and math (STEAM) to ensure that core learning objects are woven into the curriculum in every class that their students attend. This holistic approach has consistently delivered strong academic results and earned the school an “A” rating from the state since 2015. Paramount serves a community that consists of economically-disadvantaged students, with 80% of whom identify as non-white and 77% of whom qualify for free or reduced lunch.
EFF provided a $13.7 million loan to refinance existing bonds that were originally issued to support the purchase of two of Paramount’s school facilities. The 30-year fixed-rate loan will produce over $2.1 million in savings compared to alternative financing options.
“EFF was truly devoted to ensuring our refinancing deal was the best possible option for Paramount Schools of Excellence. They worked with us to ensure the terms of the deal aligned with our mission and state-specific accountability criteria. Their team was knowledgeable and supportive through every step of the process. The funds saved by choosing to refinance with EFF will allow us to exceed growth targets and stay fiscally conservative.”
Jess Monk, Chief Operating Officer, Paramount School of Excellence
Location: Bronx, New York
Loan Amount: $7.0 million
School Savings: $3.1 Million
School Site: www.publicprep.org
Ratings Direct: Public Preparatory Charter School Academies
Obligor Summary: Public Preparatory Charter School Academies Obligor Summary
Founded in 2005, Public Preparatory Charter Schools Academies currently operates three schools spanning grades from PK-8, with a fourth scheduled to open in 2020. Public Prep’s mission statement is to “start early with the end of college completion in mind. We create a warm and joyful culture of rigor in which scholars build strong character by adopting the core values of community, merit, responsibility, and scholarship.” Located in the Bronx, Public Prep’s Boys Prep Campus provides an exceptional single-sex education option for its families, almost all of whom come from low-income backgrounds and identify as non-white. Public Prep students have consistently exceeded host district, New York City, and state-wide proficiency rates, closing the achievement gap between themselves and their wealthier peers.
EFF provided a $7.0 million loan to refinance existing debt used for facility renovations. The school secured a 30-year, fixed-rate loan that will produce over $3.1 million in savings compared to alternative financing options.
“Public Prep is grateful for the opportunity to partner with EFF on the loan refinancing for THE Boys Prep in the South Bronx. Every dollar realized in positive cash flow through lower interest rates means more dollars spent directly on programs for our scholars. The mission aligned work of EFF in the Charter Sector allows us to move closer to our mission of ensuring our scholars are on a path to and through college.”
-Michele Cerwin, Chief Operating Officer, Public Preparatory Network
Location: Los Angeles, California
Loan Amount: $16.1 million
Savings Amount: $3.5 million
School Site: www.renarts.org
Ratings Direct: Not Rated
Obligor Summary: Renaissance Arts Academy Obligor Summary
Founded in 2003, Renaissance Arts Academy serves 540 students in grades TK-12 in North East Los Angeles. The school brings together students from L.A.’s diverse ethnic, economic and cultural populations; 65% of whom come from low-income families. RenArts offers a unique program that integrates a classical curriculum with performing arts learning experiences. The school has received several noteworthy academic awards including USC’s Top Ten California Charter High Schools in 2015, was awarded a Gold Ribbon school in 2015, and is a 3-time winner of the California Distinguished School Award, an honor for high-performing schools that narrow the achievement gap. RenArts’ award- winning program has produced a 16-year history of strong student success, including 100% graduation, 97% acceptance to 4-year universities, and top 10% in statewide test scores.
EFF provided a $16.1M loan to finance the acquisition of the school that RenArts had previously leased from Turner Agassi. The school locked in a 30-year fixed rate loan that will save the network up to $3.5 million over 35 years compared to projected lease payments.
"EFF understands and values what we do as educators, exhibiting both genuine curiosity about the unconventional aspects of RenArts' educational approach, and nuanced understanding of the interaction between quantitative and qualitative data analysis. Every member of the EFF team was knowledgeable, professional, consistently supportive, and unfailingly patient. Each knew our school, our program, our strengths and the areas in which we needed guidance. Most importantly, their support was coordinated, enabling the project to be completed on a tight timeline, even in a challenging environment. At the height of the COVID-19 pandemic and closures, EFF managed to lock in bond funding and close escrow, saving us over 250K per year in debt service."
**PK Candaux, Executive Director, Renaissance Arts Academy **
Location: Nashville, Tennessee
Loan Amount: $7.3 million
School Savings: $2.7 million
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 $7.3 million 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 $2.7 million 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, Rocketship United Academy
Location: Sarasota, Florida
Loan Amount: $8.9 million
School Savings: $4.2 million
School Site: www.ssas.org
Ratings Direct: Sarasota School of Arts and Sciences
Obligor Summary: Sarasota School of Arts and Sciences Obligor Summary
Founded in Sarasota, FL in 1997, Sarasota School of Arts and Sciences (SSAS) serves 750 students in grades 6-8 and has a mission “to provide a motivating, challenging, and creative learning climate with a safe, caring, family atmosphere.” The school’s diverse student body benefits from an academic model that is rooted in liberal arts education, and offers students a multicultural curriculum that relies on an interdisciplinary, hands-on, thematic approach. This approach has consistently earned SSAS an ‘A’ rating and designation as a “High Performing Charter” from the Florida Department of Education.
EFF provided an $8.9 million loan to refund bonds that were used to construct the school’s main instructional building and gymnasium in 2010. This 30-year, fixed-rate loan will save SSAS over $4.2 million compared to alternative financing options.
Location: Kansas City, Missouri
Loan Amount: $8.8 million
School Savings: $3.2 million
School Site: www.svncharter.org
Ratings Direct: Scuola Vita Nuova
Obligor Summary: Scuola Vita Nuova Obligor Summary
Founded in 1999, SVN serves 308 students in grades K-8 and has a mission to “provide a safe, healthy, collaborative community of engaged learners who are inspired academically while fostering a supportive network for its families.” The school’s committed teachers and leaders provide an exceptional educational option for families throughout Kansas City. 85% of SVN’s students are Black or Hispanic and 95% come from low-income backgrounds. They consistently outperform their wealthier peers throughout the district and state and, in 2019, SVN was recognized as Charter School of the Year by the Missouri Charter Public School Association.
EFF provided an $8.8 million loan to refinance existing debt and fund the construction of a new, state-of-the-art facility that will allow SVN to serve an additional 414 students. The school locked in a 30-year fixed-rate loan that will save them over to $3.2 million compared to alternative financing options.
“I can’t say enough how appreciative the SVN team is of the opportunity given to us by EFF and the Walton Family Foundation to complete this facility project for our students, family and community! It allows us to provide learning opportunities for our students on a more even playing field.”
–Mary Pittala, Director of Finance and Operations, SVN Charter School
Location: Memphis, Tennessee
Loan Amount: $10.3 million
School Savings: $3.1 million
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 $10.3 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 $3.1 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
Location: Duncanville, Texas
Loan Amount: $8.3 million
School Savings: $1.9 million
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 $8.3 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 $1.9 million 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