In March 2021, IDEA Florida successfully closed a subordinate debt financing on its initial Tampa campus.\u00a0 IPS Enterprises had closed on an acquisition and construction loan facility with CLI Capital back in November 2019.\u00a0 At that time, the School of Hope subordinate debt program was yet to be finalized.\u00a0 With the program now up and running and having closed several transactions, it became time to incorporate the planned subordinate debt into the capital structure of the project.<\/p>\n
This campus will open later in 2021.\u00a0 It is a single-phase construction which will entail space for all 1,500 planned students.\u00a0 The $27.3 overall financing is comprised of about $19.1 million of senior debt from CLI Capital, and about $8.2 million of subordinate debt from the Florida Department of Education through a program administered by Building Hope.<\/p>\n
IPS Enterprises Inc. is the borrower on both financings, and will lease the facility to IDEA Florida.\u00a0 Buck Financial Advisors served as financial advisor to IPS Enterprises.\u00a0 Hunton Andrews Kurth served as borrower’s counsel, and Shulman, Lopez, Hoffer and Adelstein served as special counsel to IDEA Florida.\u00a0 PMSI of Austin serves as project manager and InSite EFS served as real estate broker.<\/p>\n","protected":false},"excerpt":{"rendered":"
In March 2021, IDEA Florida successfully closed a subordinate debt financing on its initial Tampa campus.\u00a0 IPS Enterprises had closed on an acquisition and construction loan facility with CLI Capital back in November 2019.\u00a0 At that time, the School of Hope subordinate debt program was yet to be finalized.\u00a0 With the program now up and… read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-420","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/posts\/420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/comments?post=420"}],"version-history":[{"count":2,"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/posts\/420\/revisions"}],"predecessor-version":[{"id":425,"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/posts\/420\/revisions\/425"}],"wp:attachment":[{"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/media?parent=420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/categories?post=420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buckfinancial.net\/blog\/wp-json\/wp\/v2\/tags?post=420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}