Excel Academy begins $8.7 million expansion

East Boston, MA

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PROJECT OVERVIEW

On September 23, Affirmative Investments closed an $8.7 million deal to finance the acquisition, rehabilitation and construction of a new campus for the Excel Academy Charter School in East Boston. The new facility at 58 Moore Street in East Boston will renovate and expand the former St. Mary’s School building, enabling greater classroom space, higher enrollment, and new access to an adjacent public park. It will also provide a permanent home for the highly acclaimed school, which currently operates out of a leased retail storefront in a strip mall.

Affirmative Investments served as the financial consultant on the project, assembling funds from numerous sources: Qualified Zone Academy Bonds, New Markets Tax Credit equity, and contributions from the project sponsor, Friends of Excel Academy. The $4.7 million of QZAB bonds contributed to the building’s renovation, while the acquisition and new construction – including a relocated entrance and an elevator for universal accessibility – was funded through $2,486,001 of NMTC equity. Phoenix-based Raza Development Fund provided New Markets Tax Credit allocation and JP Morgan Chase contributed the NMTC equity.

Construction began in September and is expected to conclude in July 2012, allowing Excel Academy’s students to begin the 2012-2013 school year in their new building.

PROJECT SPONSOR

Friends of Excel Academy

AFFIRMATIVE INVESTMENTS' ROLE

Financial Consultant

DEVELOPMENT PROGRAM

Acquisition, renovation, and expansion of a former Catholic school building in East Boston.

TOTAL DEVELOPMENT COST

$8.7 million

PROJECTED OPENING DATE

August 2012