The ProjectEastSide Charter School is making significant progress on its construction of a new $26.5 million hub for science, technology, engineering and mathematics (STEM) in the Riverside neighborhood of Wilmington, Delaware. The STEM hub broke ground in February 2024, and is expected to open in January 2025. Several community organizations, including Chemours, Barclays U.S. Consumer Bank and the federal and state governments helped fund the 24,000-square-foot project. The hub will feature a maker’s space with professional machinery, a 3D printing lab, computer coding labs, experimental science labs and a music and television studio. Classes will be available for adults looking to enter STEM careers. Community ImpactBenefiting more than just EastSide students, the STEM hub will function similarly to a public library that is accessible to all children and adults in Delaware. This project is a partnership between the private sector, various not-for-profit organizations and foundations to ensure all-inclusive access. Over three years, the school is expected to increase its educational capacity by 120 students annually, serving 580 students, 80% of whom are low income. The new building will also provide education and job training programs to 600 individuals annually, 50% of whom are low income.
EastSide’s community recently gathered to celebrate the anticipated completion of its STEM hub, with its last beams signed and placed in a ceremony attended by families, teachers and leaders in the Delaware education community. Our RoleThe Cherry Bekaert Project Finance team played a crucial role in structuring the New Markets Tax Credit (NMTC) transaction that will help fund the construction of the STEM hub at EastSide Charter School. Our team worked closely with school leaders to structure the financing, review the legal documents and navigate several nuances that are unique to charter schools. As a result, EastSide Charter School will be able to complete the STEM hub construction and bring its vision to life. Without NMTC funding, the hub would have been built under a more costly, less efficient phased building approach. For all involved, the EastSide STEM hub was a unique opportunity to support a project bringing significant impact to the community. A successful closing was made possible by allowing the Cherry Bekaert Project Finance team to serve as trusted advisors throughout the process, alongside the sponsors’ dedication to seeing the project come to fruition. |
TOTAL PROJECT COST: NMTC MARKETS TAX CREDIT (NMTC) ALLOCATION: FINANCING COMPLETE: COMMUNITY DEVELOPMENT ADDRESS: COMMUNITY OUTCOMES: |
