February 22, 2017
WHEFA Completes its First Charter School Financing in Milwaukee
“The tax-exempt financing WHEFA helped us secure means Rocketship Wisconsin can devote more resources to improving student outcomes in a historically disadvantaged community on Milwaukee’s South Side.”
– Laura Kozel, VP of Treasury & Facilities
Rocketship Education, Inc.
Bond financing facilitated by WHEFA was used by Launchpad Milwaukee to finance the acquisition of Southside Community Prep, an existing K-5 charter school located in Milwaukee, Wisconsin. Following the acquisition, Rocketship Wisconsin will operate the charter school pursuant to a new lease agreement by and between Launchpad Milwaukee and Rocketship Wisconsin. This federally tax-exempt financing process has enabled the borrower to operate more effectively by financing its capital expenses at a lower interest rate (5.25%).
WHEFA is proud to have been able to assist Rocketship by reducing their overall debt service by providing access to low-cost private capital.