Loan Type: Education
Total Development Cost: $2,397,700
Times Leveraged: 4.79x
Loan at a Glance:
This loan represents PCG Capital’s first loan with CSFD, an emerging CDFI and former co-participant. PCG 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.
Borrower Summary:
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 $1.4MM in equity for the acquisition.
Project Summary:
Horizon Science Academy (HSA) is a public charter high school whose curriculum focuses on math, science, technology, and college readiness. The loan will allow the school to acquire a 31,293 SF 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.
Loan Result:
The new building will allow HSA to expand to enroll up to 750 students. HSA currently serves majority BIPOC students, including 86.7 % Black and 72% low-income students. In 2020, HSA employed 69 staff members and served 498 students. Students benefit from small class sizes, individualized education, home visits, and college pipelines. HSA strives to close the achievement gaps with its students surpassing the benchmarks for English Language Arts, meeting the benchmark for math, and exceeding the state graduation rate benchmarks.