CSDC Goes Back to School!
(Hanover, MD September 19, 2011) Charter Schools Development Corporation (CSDC) continues its track record of providing highly accountable charter schools with access to state-of-the-art facilities and affordable capital financing. Despite strong headwinds from the nation’s ongoing economic crisis and uncertainty in the financial markets, over the past year CSDC has delivered, through its innovative programs and services, facilities and financing solutions to 21 more charter schools for their 2011-2012 school year projects.
Turnkey Development Program:
CSDC developed 190,000 square feet of educational facilities valued at over $20 million for lease with option-to-purchase to seven schools educating 3,500 students across six states. The International Spanish Language Academy (ISLA) in Minnetonka, MN illustrates the impact our “nonprofit developer difference” has on the affordability of our turnkey facility solution.
Building Block Fund:
Four schools educating 1,700 students in three states were able to secure leases and loans thanks to the support of the Building Block Fund. CSDC’s $1.85 million in credit enhancements leveraged $15 million in private capital financing and lease commitments for 150,000 square feet of safe and affordable educational facilities.
CSDC Direct and the Mountain West Charter Schools Fund:
CSDC originated $6 million in senior financing, subordinated debt and working capital loans to finance over 240,000 square feet of educational facilities for ten charter schools educating almost 3,000 students in six states plus the District of Columbia. CSDC’s lending activities have leveraged $25 million in additional private sector debt financing and often enabled its borrowers to obtain 100% financing for their projects at interest rates ranging from 5-8% and amortizations up to 25 years. When the Aurora Expeditionary Learning Academy (AXL) in Aurora, CO refinanced higher cost debt through the Mountain West Charter Schools Fund, it was able to lower its overall facilities financing burden while funding additional improvements, resulting in more dollars for the classroom.
While these 21 charter schools 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.
Over its decade-plus history, CSDC has provided or procured roughly $590 million in capital financing and facilities for over 225 charter schools in 24 states and the District of Columbia, improving the educational opportunities for over 30,000 children.
CSDC is committed to promoting competition, choice and excellence in education by financing and building great public charter schools. 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.