KIPP NYC Scores $209M for Bronx Charter School
By Celia Young January 31, 2023 4:44 pm
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KIPP NYC has landed $209.3 million in bond financing to build its planned seven-story charter school at 75 Canal Street in the Mott Haven section of the Bronx, according to property records made public Tuesday.
Build NYC Resource Corporation, part of the New York City Economic Development Corporation (EDC) that funds projects with city bonds, provided the financing with Bank of New York Mellon acting as trustee, according to property records.
PincusCo Media first reported news of the deal.
Morgan Stanley underwrote the debt, according to a spokesperson for the bank. Representatives for Bank of New York Mellon, the EDC and KIPP did not immediately respond to requests for comment.
KIPP first bought the site, previously a 33,565-square-foot taxi depot, in April 2021 for $22 million. The nonprofit charter school network will use the bonds to refinance that purchase, demolish the existing 12,194-square-foot garage and fund the construction of its 150,000-square-foot school, according to mortgage documents.
KIPP plans to open the Perkins Eastman-designed facility, equipped with 40 classrooms, a gymnasium, music room and science lab space, ahead of the 2024-25 school year, according to a KIPP presentation.
The new high school would be KIPP’s 10th in The Bronx and 19th in New York City, The Real Deal reported. KIPP, short for Knowledge Is Power Program, also plans on building a K-8 facility at 2720 Jerome Avenue in the Fordham North neighborhood of The Bronx.
Celia Young can be reached at cyoung@commercialobserver.com.
