Aurora Expeditionary Learning Academy (AXL)
Project Profile: Received a direct loan to refinance an existing CSDC Credit Enhanced loan and provide new financing for additional tenant improvements. Total project cost: $875,000
Aurora Expeditionary Learning Academy turned to CSDC to obtain a tenant improvement loan of $875,000 to be used for new construction and refinancing. The PreK-8 college-preparatory school will dedicate $350,000 of that loan toward building new 7th and 8th grade classrooms, with the balance going toward refinancing the charter school’s existing, high cost, tenant improvement loan.
AXL, with a two-thirds minority student body, focuses on academic achievement, character development and social equity, delivered in an extended-day, year-round active-learning program. AXL opened in 2008, with 380 children entering a lottery for the school’s initial enrollment of 240 students in K-5. CSDC’s funding is supporting their expansion through 8th grade. Students pursue most of their academic studies in single-sex classrooms, where they can “risk trying your best,” and stay with the same group of students and teachers for two years.
With the lower cost financing from CSDC, AXL was also able to free up a significant amount of funds held in a collateral account required by their previous lender, as well as reduce their monthly loan payment and overall facilities debt. The released funds will not only improve the school’s balance sheet, but will support the school’s operations and establishment of reserves.