Norwood School

Norwood is a coeducational independent school serving approximately 460 students in grades PK-8. The Norwood student body represents over 40 unique zip codes in Maryland, DC and Virginia. The School employs approximately 113 faculty and staff, has an annual operating budget of $16 million and unrestricted cash and over $11 million.

Maryland Health and Higher Educational Facilities Authority
Revenue Bond
The Norwood School Issue Series

Wye River Group Served as the Norwood School’s Independent Financial Advisor for this Transaction.

Project Overview

Norwood sought tax-exempt financing to fund the construction of a new Lower School Connector Building (to be named the Marriott Early Childhood Building) on the School’s 38-acre campus in Bethesda, Maryland.

Financing Overview

In January 2020, Wye River conducted a competitive solicitation for a non-bank qualified tax-exempt direct loan for up to $10.5 million. Norwood received 13 highly competitive proposals and ultimately selected a lender that provided very favorable pricing, including a 20-year conventional fixed rate in the low- to mid-2% range. The financing successfully closed in May.

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