Academy for Global Citizenship
SB Friedman helped unlock $42.5 million in NMTC financing for a new school campus bringing world-class education, community health services and urban agriculture to Chicago's Southwest Side.
Academy for Global Citizenship
Chicago, IL
The Academy for Global Citizenship (AGC) is a single-site public charter school providing a dual-language International Baccalaureate curriculum to a student population that is over 90% minority and primarily disadvantaged. We helped secure and structure $28.7 million in leverage debt and construction-to-perm loans in addition to NMTC allocation to fund a transformative new 70,000-SF campus, including a Net Energy Positive school building, an early childhood center and a Federally Qualified Health Center. The school aims to use the building as a living laboratory and educational tool, and includes a 3-acre urban farm. The project also serves as the catalytic lead investment in a 40-acre redevelopment of the former LeClaire Courts public housing site.
Works Completed
Assisted AGC in structuring the project and assembling non-NMTC financing to complete the building
Assembled $42.5 million in NMTC allocation from four CDEs
Negotiated and obtained above-market NMTC equity pricing
Assisted with closing process execution to maximize efficiency
Provided post-closing support around compliance and other NMTC obligations
Results
Construction commenced in Spring 2022 with a Summer 2023 target for completion. SB Friedman worked closely with AGC to navigate a highly complex capital stack and rising construction costs due to the pandemic, ensuring the campus adequately addressed the needs of students and community members.
Featured Impact Numbers
3 acres
Urban farm operated by Urban Growers Collective
6.2 acres
Brownfield revitalization
