In 2008, credit enhancement from the US Department of Education leveraged financing for Mayfield Scholastic’s acquisition and renovation of a former parochial school building to house The Green School of Baltimore and Afya Charter School. Reinvestment Fund provided Mayfield with a 100% loan-to-value, thanks to a guarantee from the Abell Foundation and the US ED credit enhancement program. The Green School, an elementary charter school that uses the environment and community as a context for learning, opened in September 2006. Afya, which means “health” in Swahili, opened in September 2008 and is dedicated to fostering health and wellness of early adolescents. The co-location plan is of great benefit to both schools; Mayfield’s facility allows Green and Afya to expand to serve grades K-5 and 6-8, respectively.
Reinvestment Fund’s 2008 financing included New Markets Tax Credit eligible capital from Merrill Lynch and a Reinvestment Fund energy loan, which supported energy measures, recommended by Reinvestment Fund after review of the construction plan. The energy measures are expected to lower long-term facility operating costs. The two charter schools will directly benefit because the utility costs pass through in the lease.
In 2010, US ED credit enhancement leveraged additional financing for Mayfield to support improvements to the convent, which was temporarily mothballed after the 2008 acquisition. The Green School now operates in the convent, allowing Afya to utilize the entire school building. In the convent space, The Green School has grown to serve 150 elementary students; Afya has expanded to serve 331 students in the school building.
Subsequently, Reinvestment Fund financed the facility for a second school created by Afya’s founders. Tunbridge Public Charter School in Baltimore, which will ultimately serve 414 students in K-8.