Done Deal: Patience, Persistence and Resourcefulness Required
(Minnesota, March 7, 2011) Commercial real estate firm Christianson & Company turns to CSDC to secure facilities financing for International Spanish Language Academy, located in Minnetonka, Minnesota.
“…we came across the name of an organization that was one of the few that had closed on a school purchase in recent months. We contacted the Maryland based Charter School Development Corporation whose mission is to assist public charter schools with the acquisition and financing of educational facilities and related capital improvements. CSDC’s Senior Vice President flew out to Minnesota to meet several ISLA board and committee members and we started the process of getting the two organizations acquainted….
“CSDC solved two very key challenges we were facing. First, they were willing and able to guarantee the purchase and improvements required. Second, as a non-profit organization, the property could be classified as exempt from real estate taxes which made the deal financially feasible….
“On March 1st, CSDC closed on the purchase of ISLA’s new home. Construction plans are underway. The school will move into 5959 Shady Oak Road in August.”