SAN FRANCISCO (July 6, 2017) – Dennis Williams, senior vice president/managing director of NorthMarq Capital’s San Francisco regional office, arranged $45 million in private bond financing for the expansion of Making Waves Academy, a public charter school located at 4123 Lakeside Drive in Richmond, California.
The property is currently 99,389 sq. ft. with the expansion bringing it to 231,000 sq. ft. After the expansion (approximate completion date of 2018/2019), facilitated by the construction manager, Campus LLC, the property will increase its serving capacity from 800 to 2,200 grades 9-12 students. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower, Making Waves Foundation, through its relationship with the public and nonprofit finance branch of a regional bank.
“The private bond loan facilitate by the bank will allow Making Waves to fund the expansion of their existing Richmond Campus with long-term, low interest rate financing,” explained Williams. “Ultimately, the financing will enable Making Waves to serve approximately 2,200 children in Richmond and the surrounding area.”
“This financing, and perhaps others to follow, will help to create more high-quality educational opportunities for disadvantaged and under-served children,” said Steven Roth, CFO/COO of Making Waves TM Academy & Foundation. “We are grateful to NorthMarq Capital and all other parties for helping make this a reality.”
About Making Waves Foundation
Making Waves was founded in 1989 when an investment fund manager worked with a local pastor in one of the most underserved cities in California to offer low-income students the same academic and developmental supports that families in the nation’s most affluent communities enjoy. The foundation is a 501C(3) non-profit organization responsible for management and strategic planning, oversight, and external affairs/public relations and development initiatives to support Making Waves Academy (our public charter school which opened in 2007) and our College & Alumni Program (CAP).
The foundation’s focus is increasing and expanding the reach of Making Waves so that many more under-represented and under-resourced students in the Bay Area can benefit from our educational programs and services. www.making-waves.org/
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices nationwide. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.