Loan at a Glance:
PCG’s work with Charter Schools Development Corporation (CSDC) provides a $500,000 pari passu participation in a $1,150,000 loan to fund the purchase of a charter school building. The loan covers a funding gap to support New Century Academy’s acquisition of existing leased space. The acquisition supports leasing the building to New Century Academy under favorable/below-market terms.
Project Summary:
The purchase includes land next to the school to support future expansion and/or a playground and athletic fields
Borrower Summary:
CSDC, a nonprofit CDFI, provides financing and technical support for charter schools that support quality public school choice for underserved students. This is PCG’s fifth loan in partnership with CSDC. New Century Academy, a nonprofit charter school, directly benefits from this loan to New Century Academy Affiliated Building Company.
Loan Result:
The facility supports 141 students. At the time of funding, the school served a diverse population of 125 students, with 64% receiving free or reduced lunch, approximately 50% having an Individual Education Plan, and 33% in special education classes.