Family Life Charter School borrows $126M from Build NYC bonds for 3 Bronx schools

Family Life Academy Charter School borrowed $126.45 million from Build NYC Resource Corp. bondholders to finance the purchase and development of three properties in the Bronx in three separate transactions.

In the first, Family Life Academy Charter School through the entity Highbridge Facilities, LLC as borrower signed a loan agreement with lender Build NYC Resource Corp. bonds through the entity Build Nyc Resource Corporation valued at $71.9 million for 1 parcel, including the tax class licensed parking lot (G6) at 1400 Cromwell Avenue in Highbridge. The deal closed on December 1, 2020 and was recorded on January 11, 2021.

This is an acquisition and new construction financing.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $20,000.0.

There has been one new building permit application

Direct link to Acris document. link

In the second, Family Life Academy Charter School through the entity Highbridge Facilities, LLC as borrower signed a loan agreement with lender Build NYC Resource Corp. bonds through the entity Build Nyc Resource Corporation valued at $40.8 million for 3 parcels, including the tax class unlicensed parking lot (G7) at 325 East 165th Street, 335 East 165th Street, and 316 East 165th Street in Longwood Melrose. The deal closed on December 1, 2020 and was recorded on January 11, 2021.
The property contains a total of 0 square feet of built space. The property has 49,232 square feet of available development rights.
The average loan per buildable square foot is $829.
This is for the acquisition of the property. There was a transfer recorded to the borrower, but no consideration was paid.
Direct link to Acris document. link

In the third, Family Life Academy Charter School through the entity Highbridge Facilities, LLC as borrower signed a loan agreement with lender Build NYC Resource Corp. bonds through the entity Build Nyc Resource Corporation valued at $13.8 million for 1 parcel, including the tax class schools or academies (W3) at 370 Gerard Avenue in Mott Haven. The deal closed on December 1, 2020 and was recorded on January 11, 2021.
The property contains a total of 14,400 square feet of built space. The property has 14,400 square feet of available development rights.
The average loan per buildable square foot is $956.
This is for the acquisition of the property. The last time the property sold was November 20, 2019 for $10,805,471.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Direct link to Acris document. link