Taxable Term Loan
East Harlem Center, LLC
East Harlem Tutorial Program was established in 1958. EHTP has grown from a tutoring program into a multi-site, multi-dimensional educational program that serves more than 1,650 Pre-K to college students through after-school and summer programs for traditional public school students; East Harlem Scholars Academies (EHSA) network of public charter schools; College Scholars program; and the East Harlem Teaching Residency.
EHTP and EHSA combined are on track to serve 25% of East Harlem students by 2025. EHSA currently operates five charter schools in the East Harlem neighborhood of New York City under two charters issued by the Charter Schools Institute of the State University of New York. Collectively, EHSA serves approximately 1,333 students in grades Pre-K through 10 in five schools at three locations throughout East Harlem. Upon completion of its high school project currently under development, EHSA will serve approximately 1,760 students in grades Pre-K through 12.
Proceeds of the School’s 2021 Taxable Term Loan were used to finance the unwind of the School’s existing 2014 New Market Tax Credit (NMTC) loan. The NMTC loan was used to finance the acquisition and development of the School’s existing Elementary and Middle School campuses located at 2050 Second Avenue in New York City.
The 2021 Taxable Term Loan has a conventional fixed rate in the low- to mid-3% range, a 15 year term and a 30 year amortization period with level monthly payments of principal and interest. The financing closed successfully on November 5, 2021.