Horizon Science Academy
The new Horizon Science Academy (HSA) building will allow HSA to expand its enrollment from 500 to 750 students. HSA's current student body includes 86.7% Black and 72% low-income students.
Students benefit from small class sizes, individualized education, home visits, and college pipelines. HSA strives to close the achievement gaps, aspiring for its students to surpass the benchmarks for English Language Arts, meet the benchmark for math, and exceed state graduation rate benchmarks.
Loan Purpose: Mini-perm
Project: Charter school
HSA is a public charter high school whose curriculum focuses on math, science, technology, and college readiness. This loan will allow the school to acquire a 31,293 square foot vacant office building as its new permanent campus. Short- and long-term improvements will be made to the building to prepare it for educational use.
Borrower: The school was founded in 1999 by a small group of educators and engineers who developed the curriculum known as Concept Schools Design. Concept Schools now manages 30 schools in the Midwest. The sponsor/borrower will contribute $1.4 million in equity for the acquisition.
Loan Details: This loan represents Partners' first loan with CSFD, an emerging CDFI and former co-participant. Partners provided a $500,000 pari passu participation for a $1,000,000 total loan to acquire and repurpose a vacant commercial property into a school building in Columbus, OH.