PCSD

Elevate Collegiate Charter School and Texas Charter School Development Celebrate Long-Term Space for Greater Third Ward Scholars 

Houston, Texas, September 28, 2023 – Elevate Collegiate Charter School and Texas Charter School Development hosted a Ribbon Cutting Ceremony in Elevate’s new home at St. James Episcopal Church (3129 Southmore Blvd). The 35-year lease allows the school to grow and house its PK through 5th-grade students in a place with extensive community history. Fourth grade students greeted elected officials, and community leaders to celebrate the completion of Phase 1 of the renovation. Council Member David Robinson was in attendance and congratulated the school on its new home. Immediately following the cutting of the ribbon, attendees had an opportunity to tour the school led by the school’s Founder, Rebecca Francis-Jones. 

“St. James Episcopal Church has been a beacon in our community for over 75 years and we are glad to provide a safe learning space for our community’s children. We look forward to seeing them flourish into Houston’s future leaders,” expressed Reverend Thomas, St. James’ Rector.  

For the past 5 years, Elevate Collegiate has co-located with another charter school and has outgrown the space. In 2022, Texas Charter School Development started its work in Houston and partnered with Elevate Collegiate’s Founder Rebecca Francis-Jones.

“We create long-term facilities solutions that expand educational opportunities in under-resourced communities. Elevate’s work in the Greater Third Ward community is inspiring, and our team is committed to solving their facility challenges while they focus on educating Houston’s children,” said TCSD’s CEO, John Sun.

Since 2019, Elevate Collegiate has served students from the Greater Third Ward area, but with Houston’s growth and development, it has been difficult to find a place that was available and move-in ready for the school. 

TCSD believes that every child deserves a safe and inspiring learning environment, which drives their work. Over the last year, TCSD’s team has worked with numerous vendors to secure the lease, renovate the space, and pass City of Houston inspections. TCSD provided an investment of $2,000,000 which was secured through various funding sources, including support from Charter School Growth Fund.

The work continues with Phase 2 throughout the next year where 12 classrooms, offices, and the cafetorium will be prepared to house the entire school. Once completed the campus will have seats for 472 students. Elevate Collegiate and TCSD are investing in the future of its Greater Third Ward Scholars.

“Working with TCSD has been seamless and it feels like they are an extension of my team. They have worked through so many challenges to get our PreK through 2nd Grade spaces ready for this year, and I look forward to the completion of Phase 2 when I’ll have all of my students on the new campus,” said Francis-Jones. 

 

About Texas Charter School Development

Texas Charter School Development (TCSD) is a non-profit, full-service real estate development firm. It offers an array of services tailored to meet the unique needs and goals of each of our charter school partners.

About Elevate Collegiate Charter School

Elevate Collegiate Charter School equips all students with the academic knowledge and character development necessary to set forth confidently on the path to college and a life filled with opportunity. Elevate Collegiate empowers, educates, and elevates students in grades PK through 5th. 

Finding a permanent school facility is the dream of many charter school leaders in California. But the lack of affordable real estate, the lack of space in big cities, and certain school authorizers can make finding a site extremely difficult. Pacific Charter School Development, a nonprofit real estate development firm, helps solve that problem. PCSD’s CEO John Sun offer his expertise. John’s interview is followed by a profile on charter school leader, Robert Golden, who is building a new state-of-the-art school facility for Golden Charter School Academy with the help of PCSD.

Tune in here to listen! John’s interview begins at 20:41.

Pacific Charter School Development Receives $20 Million Award from the U.S. Department of Education for Credit Enhancement

Los Angeles, California, September 29, 2023 — Pacific Charter School Development (PCSD), a non-profit organization committed to addressing educational inequality, is proud to announce the receipt of a $20 million award from the U.S. Department of Education’s Credit Enhancement for Charter School Facilities Program for 2023. This significant award will further PCSD’s mission to empower charter schools and create sustainable educational facilities in under-resourced communities across California, Texas, and Washington.

PCSD’s overarching goal is to demonstrate how their innovative model, which includes partnering with philanthropic and mission-minded investors, can expand the lending market for early-stage and expanding schools. By leveraging this award, PCSD seeks to significantly impact the charter school community and provide equal educational opportunities to students in underserved communities.

The award, administered through the U.S. Department of Education’s Credit Enhancement for Charter School Facilities Program, marks a pivotal moment in PCSD’s journey to transform education in underserved areas. With this award, PCSD aims to strengthen charter school facilities and expand educational opportunities for students who need it most.

The $20 million award from the U.S. Department of Education will be instrumental in PCSD’s ongoing efforts to create educational facilities that are financially sustainable. The award will be allocated to two primary strategies:

1. $12 Million Loan Loss Reserve: This reserve will be leveraged with $35 million of PCSD’s equity to raise a total of $40 million in commercial debt with advantageous terms. This initiative will establish the $75 million Pacific Charter Facility Fund (PCFF), dedicated to providing low-cost capital for the development of new charter school facilities.

2. $8 Million Debt Service Reserve: Designed to increase charter schools’ access to financing, this reserve will incentivize lenders to offer financing, especially to early-stage schools, with terms that they can afford.

Through the PCFF, PCSD is committed to supporting a minimum of 15 school facility projects within the first five years of the award, including 10 early-stage or expanding schools and 5 replicating schools. The organization plans to leverage a remarkable 25:1 Debt Reserve to senior debt ratio to secure financing with affordable terms for at least 10 school facility projects.

“We are deeply honored to receive this award from the U.S. Department of Education,” said John Sun, CEO of PCSD. “This funding will not only transform the landscape of charter school facilities but also empower countless students with access to high-quality education. We are grateful for the Department of Education’s support in our mission to dismantle systemic inequality in education.”

About Pacific Charter School Development
Pacific Charter School Development (PCSD) is a non-profit, full-service real estate development firm. It offers an array of services tailored to meet the unique needs and goals of each of our charter school partners. During our nearly 20-year history, PCSD has secured more than $1.09 billion in financing for school development projects, benefiting more than 120 schools and serving over 49,000 students in under-resourced communities in California, Massachusetts, Washington, and Texas. For more information, visit Pacific Charter School Development.