RIHEBC Closes On $12.7 Million Bond Issue To Finance Blackstone Valley Prep Expansion & Facilities Upgrades
PROVIDENCE, R.I. – On October 26th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $12,760,000 bond issue for Blackstone Valley Prep. Proceeds will be used for the purchase and renovation of an Upper Elementary School located at 3 Fairlawn Way in Lincoln, the purchase and renovation of a Junior High School located at 909 Lonsdale Ave in Central Falls, and facilities projects at one of Blackstone Valley Prep's Cumberland elementary schools.
“RIHEBC is pleased to once again assist Blackstone Valley Prep with bond financing to meet their growing facilities needs” said Kim Mooers, Executive Director of RIHEBC. “This $12.7 million bond will allow for the purchase and renovation of the Blackstone Valley Prep junior high school and upper elementary school buildings, and improvements to one of their existing elementary school facilities. The interest rate on the 30-year bond is 5.44%.”
This is RIHEBC’s third bond financing on behalf of Blackstone Valley Prep.
“We’re thrilled to provide our elementary and middle school students with upgraded facilities. The financial stability that comes with owning our buildings will allow us to invest directly into classrooms and student learning,” said Sarah Anderson, Chief Executive Officer and Superintendent of Blackstone Valley Prep. “We want to thank RIHEBC for being a continued partner and providing needed bond financing to meet our facilities needs.”
Since 2006, RIHEBC has provided more than $2 billion in bond financing for public school facilities projects across Rhode Island.
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About RIHEBC
The R.I. Health and Educational Building Corporation for the past 56 years has provided financing for non-profit health and educational institutions in the state as well as municipalities for school projects. It has issued over $10 billion in tax exempt bonds and is the largest financing agency of the state. rihebc.com – Twitter: @RIHEBC1