Initially opened as a kindergarten-to-third grade program with 460 students, the school plans to use the new facility to accommodate expansion to grades four and five over the next few years. The building, sold by DA Stuart Co., is currently undergoing renovation. Locally based Colliers L&A was the sole broker in the transaction and represented the seller. It previously handled the sale of a Los Angeles, CA facility for this property owner.
The purchase price is undisclosed. Tim Roseboro of Wachovia Bank and Sara Vernon Sterman of the Reinvestment Fund (TRF) provided financing. TRF runs the Charter School Capital Access Program here, a financing source for charter school facilities, established in 2002 with a $6.4-million demonstration grant from the US Department of Education.
Charles Calvenese of locally based Bustleton Services and Gordon Johnston of CPA Solutions, based in Merchantville, PA, were instrumental in arranging for the financing and development of the property. There are 48 charter schools currently in operation in Philadelphia.
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