Murray, UT: February 8, 2021—In late December 2020, the Family Life Academy Charter School (FLACS) network of the Bronx closed on the largest tax-exempt bond for a charter school operator in New York City’s history. Proceeds from the $126.4 million transaction refinanced two of the operator’s campuses (FLACS 3 and FLACS 2B) and will fund the development of FLACS’ fourth campus (FLACS 4).
Highmark School Development (Highmark) of Utah is the developer of the project. D.A. Davidson & Co. (DADCO) served as the underwriter. BuildNYC was the conduit issuer. Highmark worked closely with DADCO, leadership at FLACS, and the issuer to structure this unprecedented bond transaction.
Highmark and FLACS have been working together since 2015. The first development together had Highmark repurpose an existing building to become the FLACS 3 campus. Soon after, Highmark completed a de novo development for FLACS 2. As the network continued to grow, the need for FLACS 4—a newly awarded charter—was evident.
After locating the ideal property for FLACS 4 at 1400 Cromwell St., across the street from the FLACS I original campus, Highmark undertook due diligence on the real estate and developed a plan for environmental cleanup while designing the facility to support FLACS’ highly successful program.
FLACS students enjoy, small student-teacher ratios, extended instructional days, after-school and weekend programs, robust literacy education, and an intentional focus on English Language Learners (ELL).
According to Highmark’s CEO Glenn Hileman, “This third development for FLACS, including the complex refinancing of the other two facilities, is representative of how Highmark solves facility issues for charter-school operators around the country. We appreciate our friends at FLACS and are happy to be a part of their past and future success. The ultimate beneficiaries of our work with FLACS are the children and families of the Bronx.”
Highmark School Development has developed more than 80 facility projects nationally for charter school boards and operators. More on Highmark can be found here.
For more information, contact Patrick Beausoleil; Tel. 616.717.0484; patrick@highmarkschools.com.
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