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Charter School Secures $209M Financing for Mott Haven Campus
Charter school network KIPP NYC has landed roughly $209 million in permanent financing for the high school it is planning in the South Bronx’s Mott Haven neighborhood, reported Crain’s New York. The school will be KIPP NYC’s 10th in the borough.
Build NYC Resource Corporation, a unit of the New York City Economic Development Corporation that funds projects with city bonds, provided the financing with Bank of New York Mellon serving as trustee, according to property records.
Morgan Stanley underwrote the debt, according to a KIPP NYC presentation on the project.
Founded in 1995, KIPP NYC operates 18 schools in the Bronx, Brooklyn, and Manhattan, and supports alumni through its signature KIPP Forward program, as part of the national network of KIPP Public Schools. KIPP NYC plans to open the Mott Haven school at 75 Canal St. in advance of the 2024-2025 school year.
Pictured: A Kipp NYC campus in the Bronx. Image courtesy of Gensler.
- ◦Development
- ◦Financing
