Project Case Study
Rocketship Education, Inc.
Project Description
Facility Financing
Location
San Jose, CA
Campus Opened
2012-13 School Year
Total Project Costs
$7.6 Million
Building Hope Investment
$750,000 Credit Enhancement to secure the $10.12 Million Bond offering
Project Size
21,000 sq. ft. New Construction
Lease Terms
April 2014-44

Facility Financing

Rocketship Education, Inc. (“Rocketship”), is a successful northern California-based Charter Management Organization that supports the real estate needs of high performing charter school operators in low-income communities and communities where the local public schools are underperforming.

In 2011, Rocketship had three schools operating in San Jose, CA and wanted to open a fourth campus to serve a total of 550 students in Kindergarten through fifth grade.

For the fourth campus, Rocketship purchased one acre of land for $1.45 million with plans to develop a pre-fabricated, two-story, 21,000 square foot building for a total cost of $7.6 million.

Building Hope provided a $750,000 credit enhancement to support a $10.12 million bond offering for the land purchase and construction.  Building Hope and Rocketship signed a 29 year lease agreement in April 2014 to finalize the endowment.

Rocketship’s fourth campus opened its doors for the 2012-13 school year with 550 students in Kindergarten through fifth grade.