Loan Type: Acquisition
Total Development Cost: $24,832,700
Times Leveraged: 2.48x
Loan at a Glance:
PCG Capital worked with Clearinghouse CDFI (CCDFI) to deliver a $1,000,000 loan as part of a $19 million finance package to support the acquisition of the Port View Preparatory school building. PCG’s participation deepens our business relationship with CCDFI, and this is the third loan in partnership with CCDFI.
Project Summary:
The California State Department of Education operates the school for special education students. There is a sister school in Ontario, CA that has been in operation since 2013. Demographics across the school’s business (two schools total, including the subject Property and a school in Ontario, CA) are currently: 58% of the students receive free or reduced lunch, and 100% are in special education.
Borrower Summary:
Port View Preparatory provides education and psychological assessments to students. The program facilitates instructional field trips to museums, restaurants, movies, and parks. The school also provides assistive technology, speech, and language instruction, occupational therapy, nursing, physical therapy, and student pick-up and drop-off utilizing unmarked transportation.
Loan Result:
The loan allows for continued provision of special needs education services to children and young adults (kindergarten through 22 years of age) and the ability to expand to serve 204 additional students. Expanding clinical and assessment services beyond the school’s enrollment; and including non-student populations for specific behavioral health services.