New Loan Closing: KIPP Philadelphia

November 2, 2021

Preparing students for success in college and in life

$15.5 million construction loan:  

  • $8 million direct loan ($5 million from Reinvestment Fund, $3 million from NFF that includes a 50% participation to Bluehub Capital) 

  • $7.5MM source leverage loan within the New Markets Tax Credits structure ($5 million leveraged by NFF that includes a 50% participation to Bluehub Capital; $2.5 million leveraged by Reinvestment Fund) 

KIPP Philadelphia Public Schools is one of 28 regions of KIPP’s national, non-profit network of college preparatory, public charter schools educating elementary, middle, and high school students. Since 2003, KIPP Philadelphia has built a track record of preparing students in educationally underserved communities for success through college and in life. From a founding class of 90 students, KIPP Philadelphia has grown to serve more than 2,600 students in grades K-12 through five schools, with plans to expand to an additional five schools over the next several years. 

MIS Capital LLC is a mission-driven developer that provides real estate planning, economic development research and asset regeneration services on behalf of impact-focused organizations. MIS Capital's mission is to develop successful and sustainable projects that deliver lasting impact within their communities. 

This loan will allow KIPP Philadelphia to move their elementary school to a property in West Philadelphia that has remained vacant since 2013. MIS Capital will renovate the entire property, preserving the historic façade and brickwork while making necessary updates to infrastructure like pipes and ventilation and completely redesigning recreational facilities. When this development is complete, KIPP Philadelphia will begin renting the property and opening it to students, with the ultimate goal of purchasing the building and giving its elementary school a permanent home. This development is part of a larger expansion that will allow the KIPP Philadelphia network to nearly double in size, serving an estimated 4,480 students by 2030. 

Partners: BlueHub Capital, Cinnaire, National Trust Community Investment Corporation, Philadelphia Industrial Development Corporation, Reinvestment Fund, Truist Community Capital 

Learn more about NFF's loan products on the financing page of our website.   

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