$680M in Facilities Support for 235 Charter Schools in 24 States & DC – and We’re Just Getting Started!
(Hanover, MD, October 3, 2012) Twenty years ago the nation’s very first chartered school opened its doors in St. Paul, Minnesota. Today, over two million students attend over 5,600 charter schools in 41 states and the District of Columbia, and two-thirds of Americans support chartering. The Charter Schools Development Corporation (CSDC) is celebrating this milestone anniversary year, and its role in building the charter movement for more than half that time, by continuing to expand the services it offers charter school entrepreneurs and leaders. By providing highly accountable charter schools with access to inspiring facilities and affordable capital financing, CSDC is creating hope and opportunity for families and in communities where more school choice options are most vitally needed, including $50 million in new support for 13 schools in just this past year.
As schools welcomed back students this fall, here’s what we accomplished for the 2012-2013 school year:
- CSDC launched its new “Fee Developer Services” program which provides comprehensive, “one stop” owner’s representative and project management services to charter school organizations to solve their facilities finance and development challenges – from initial site design and financial modeling, through permitting and construction, to final punch list and opening day of school. Nova Classical Academy in St. Paul, Minnesota, which opened in August in a brand new, state-of the-art facility, is the latest to receive CSDC’s facilities support on this outsourced or “owner’s rep” basis.
- CSDC, through its Mountain West Charter Schools Fund, originated $4.5 million in senior financing, subordinated debt and tenant improvement loans to four charter schools educating over 1,000 students in three states. CSDC’s lending activities often enable its borrowers to obtain 100% financing for their projects at interest rates ranging from 5-8% and amortizations up to 25 years.
- One newly formed & one expanding school were able to secure leases thanks to the support of the Building Block Fund. CSDC’s $500,000 in combined credit enhancement support leveraged $3 million in private capital financing and lease commitments for almost 70,000 square feet of educational facilities, creating 900 new student seats for the current school year.
- CSDC developed over 131,000 square feet of educational facilities valued at over $26 million for five charter school organizations through its Turnkey Development Program, a nonprofit real estate development program whereby CSDC acquires, develops and builds-to-suit properties for lease with option-to-purchase to its client tenant schools. The Carpe Diem Collegiate High School in Indianapolis is just one example. This 49-day state-of-the-art construction project has been dubbed the “Miracle on Meridian,” and illustrates the impact CSDC’s “nonprofit developer difference” has on the affordability of our turnkey facility solution.
CSDC is committed to creating school choice and more educational opportunities for children by developing and financing optimal yet affordable educational facilities for charter school organizations demonstrating good governance and strong accountability for academic and educational results. CSDC provides comprehensive financial services to charter schools nationwide to help them lease or purchase facilities suited to their educational mission and student enrollment needs, through lease and loan credit enhancement and guarantees, a facilities development program, direct loans, and financial consulting and loan acquisition services.
Since its inception in 1998, CSDC has provided or procured roughly $680 million in capital financing and facilities for over 235 charter schools in 24 states and the District of Columbia, improving the educational opportunities for over 33,800 children. While these charter school organizations serve a variety of locales and grade levels, the common denominator of all CSDC client schools is that they each exhibit strong leadership, a clear educational mission and vision, a compelling academic model, a close relationship with the community and demonstrated interest and demand from parents.
For more information about Charter Schools Development Corporation, please contact Michelle Liberati at (443) 561-1280. For more about CSDC’s program offerings and services, visit www.csdc.org.