Green Street Academy Celebrates Successful Refinancing to Continue Improving School

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As Green Street Academy refinances its debt, administrators acknowledge assistance from Baltimore City Schools.

Green Street Academy (GSA) administrators express their gratitude to Baltimore City Schools for helping to refinance the Academy’s debt. This financial restructuring allows the West Baltimore public charter school to better service its outstanding debt while increasing its financial resources for future operations.

Between 2014 and 2015, GSA undertook an immense renovation, updating and upgrading its property at 125 North Hilton Street to provide students with a state-of-the-art learning environment. The renovated facilities were completed for the start of the 2015-16 school year at a total cost of approximately $19 million. GSA financed the project through a combination of loans, grants and credit enhancement from Bank of America, the Reinvestment Fund, the Abell Foundation and the Warnock Foundation.

In early 2017, favorable market conditions led GSA to consolidate and refinance all of its outstanding debt. Working with the School’s financial advisor, Wye River Group, GSA developed a plan of finance which contemplated a combination of tax-exempt and taxable bonds issued by the Maryland Health and Higher Educational Facilities Authority (MHHEFA). The bonds were issued in two series totaling $22,115,000 and sold by RBC Capital Markets as non-rated obligations through a limited offering to accredited investors and qualified institutional buyers.

On June 27, 2017, the refinancing was finalized allowing GSA to:

  • Lower its near term annual debt service as it works toward achieving stabilized maximum enrollment over the next two years
  • Secure a low fixed rate cost of capital for the entire 35-year term of the financing
  • Restore its liquidity reserves to levels sufficient to support its operations going forward
  • Finance $1.5 million of additional improvements to the third floor of its building

A Word of Gratitude

GSA leadership thanks the Baltimore City Public Schools, specifically the School Board, CEO, and Office of New Initiatives for their responsiveness in completing time-sensitive tasks throughout the refinance process.

“Green Street Academy’s financial restructuring is a big win for the school, and will allow it to build on its record of success with innovative programs that engage students and prepare them for college and careers,” said Dr. Sonja Brookins Santelises, CEO of City Schools. “Including Green Street in our portfolio of schools is a big win for the district, and we were pleased to provide administrative support to the school in this effort.”

About Green Street Academy

GSA provides STEM-based academics for students in grades 6-12. According to School administrators, the school “seeks to inspire students to imagine their careers through the prism of sustainability and prepare them with marketable skills for their future work life and extended education.”

The School opened its doors in September 2010 with 200 enrolled students from across the city. It quickly expanded to serve over 730 students during the 2015-2016 academic year. GSA anticipates enrollment of 850 students for the 2017-18 school year and expects to be at a maximum capacity of 875 students by 2018-19. For more information about GSA and its mission, please contact Daniel Schochor at (443) 642-2068.

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Dan Schochor
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