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K-12 Education: Boarding Schools | New Building

Budget-Neutral Solution Keeps a Boarding School Build on Track

Fast Facts

Industry

K-12 Education: Boarding Schools

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Organization

Boarding School, Northeastern CT

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Client Since

2017

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Equipment Financed

$1,500,000 for a full building construction including installation materials

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Financing Structure

60-month, $1 buyout lease

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Industry Specific Fact

The boarding school is an active member of The National Business Officers Association (NBOA) as well as The Association of Boarding Schools (TABS).

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Industry

K-12 Education: Boarding Schools

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Organization

Boarding School, Northeastern CT

Building Icon

Equipment Financed

$1,500,000 for a full building construction including materials installation

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Bridging the Gap Between Pledged Donations and On-Hand Capital

The boarding school was looking to build a new health and wellness center to provide their students with a comfortable, accommodating healthcare facility and their live-in faculty with updated apartments. To prepare for this important campus expansion, the school successfully raised pledges from various donors. However, even with additional capital on hand, the boarding school fell short of covering the total cost of the project and needed a financing solution to bridge the gap.

Even with additional capital on hand, the boarding school fell short of covering the total cost of the project and needed a solution to bridge the gap.

Aligning the payments to incoming donor pledges not only provided better cash flows but also ensured that the project stayed on track.

Financing Aligned to Incoming Donations Keeps Construction on Track

The boarding school needed more upfront capital in order to start construction and keep the buildout on schedule. First American customized a financing arrangement that allowed the school to use their secured donations toward lease payments over the next five years, effectively producing a budget-neutral solution. Aligning these payments to incoming donor pledges not only provided the school with better cash flows but also ensured that the project stayed on track and on time. The boarding school began construction on the health and wellness center in November and hosted its grand opening the following October.

Bridging the Gap Between Pledged Donations and On-Hand Capital

The boarding school was looking to build a new health and wellness center to provide their students with a comfortable, accommodating healthcare facility and their live-in faculty with updated apartments. To prepare for this important campus expansion, the school successfully raised pledges from various donors. However, even with additional capital on hand, the boarding school fell short of covering the total cost of the project and needed a financing solution to bridge the gap.

Financing Aligned to Incoming Donations Keeps Construction on Track

The boarding school needed more upfront capital in order to start construction and keep the buildout on schedule. First American customized a financing arrangement that allowed the school to use their secured donations toward lease payments over the next five years, effectively producing a budget-neutral solution. Aligning these payments to incoming donor pledges not only provided the school with better cash flows but also ensured that the project stayed on track and on time. The boarding school began construction on the health and wellness center in November and hosted its grand opening the following October.

The results

More Than a New Building: The Boarding School’s Ongoing Commitment to Student Well-Being

The results

More Than a New Building: The Boarding School’s Ongoing Commitment to Student Well-Being

10,000 sq. ft.

state-of-the-art health and wellness center

Eleven months after breaking ground, the boarding school opened their two-story, 10,000-square-foot, state-of-the-art health and wellness center. The first floor housed an infirmary and counseling center, while the top floor consisted of apartments for faculty members who live on campus during the academic year. The previous health center space was repurposed for additional wellness initiatives, including yoga and meditation. 

$1 million+

gap bridged in capital

Utilizing First American’s financing solution allowed the boarding school to close the gap between cash on hand and total funds needed to complete the project.

First American’s financing solution allowed the boarding school to close the gap between cash on hand and total funds needed to complete the project, which in turn helped preserve cash reserves for other important campus initiatives.

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