The refinancing of the loan, and the additional line of credit keeps our school strong and at the forefront of education for students with learning disabilities.
Brooklyn, NY (PRWEB) February 18, 2014
Mary McDowell Friends School (MMFS), a K-12 Quaker school for students with learning disabilities in Brooklyn, New York, has refinanced a conventional bank loan that was formerly obtained for the purchase and renovation of the lower school. The new refinancing reduced the interest cost from approximately 5.40% to 3.72% on a 10-year tax-exempt loan with a 30-year amortization period. The school also reimbursed itself approximately $2.5 million of capital from bond proceeds to cover capital renovation costs of its new upper school building and replace its $2.0 million line of credit.
“Mary McDowell Friends School has seen tremendous growth in the past few years with the addition of our middle school and, most recently, our upper school in its beautiful, newly renovated building on Sidney Place in Brooklyn Heights,” said Head of School Debbie Zlotowitz. “The refinancing of the loan, and the additional line of credit keeps our school strong and at the forefront of education for students with learning disabilities. This allows us to continue providing the most current and effective education programs for students with learning disabilities and to attract and retain top-notch faculty.”
Mary McDowell Friends School expanded to include a middle and upper school was inspired by its mission to empower students with learning disabilities to become academic achievers, creative thinkers, and purpose-driven members of a global society. The school’s expansion to include a middle and upper school was in response to the great need for quality special education in the NYC metropolitan area.
About Mary McDowell Friends School:
Mary McDowell Friends School, established in 1984, is an independent K-12 Quaker school for students with learning disabilities. Located in the Brooklyn Heights/Cobble Hill neighborhood of Brooklyn, New York, the school offers a proven, successful alternative to mainstream schools providing an innovative academic program combining challenging curricula, enrichment activities and support services. With more than 340 students from all five boroughs of New York City and the New York Metropolitan area, the school’s small class sizes and differentiated educational approach teaches students how to learn, providing them with a foundation for future success. More information about MMFS and its programs can be found at http://www.marymcdowell.org.