Build NYC Resource Corporation
Seton Education Partners – Brilla Project
Series 2021 A&B
Founded in 2008, Seton is a non-profit corporation whose mission is to expand opportunities for underserved children in the United States to receive an excellent education. Its primary focus is serving as the management organization for charter schools owned and operated by Brilla. Brilla was formed in 2013 and focuses on operating charter schools located in the South Bronx area of New York City. In the 2019-2020 school year, Brilla will serve approximately 954 students in grades K-7. With the support of Seton, Brilla plans to grow enrollment to 3,200 students, operating in eight school facilities in the Bronx.
Proceeds of the School’s 2021 Bonds were used to (1) refinance existing taxable loans and (2) fund costs of issuance.
The Project consists of refinancing the loans used to purchase and renovate Brilla Public Charter School’s elementary and middle school buildings located at Andrews Ave, Courtlandt Ave, and East 144th Street in the Bronx.
The 2021 Bonds were issued through Build NYC Resource Corporation and structured in two series. The Series 2021A Bonds were structured using a 30 year tax-exempt fixed rate amortizing over 30 years. The Series 2021B Bonds were structured as taxable fixed rate revenue bonds amortizing through 2025. The 2021 Bonds include a 24 month interest only period and have an all-in rate in the mid-3% range.
The financing closed successfully on November 23, 2021.