|DATE OF FUNDING||10-18-2018|
|GROSS LOAN AMOUNT||$2,000,000|
|LOAN TO VALUE||11.30%|
|NET NOTE RATE||9.95%|
|TERM OF INVESTMENT||18 Months with Two 2-6 Month Extensions|
$2,000,000 FOR THE FINANCING AND IMPROVEMENT OF A PRIVATE SCHOOL IN OAKDALE, NEW LONDON COUNTY, CT
The borrower is a private foundation that has owned and operated a private boys preparatory school since 1962. They sought $2 million to pay off a small line of credit, improve the campus and increase operating capital. The St. Thomas More School is situated on 83 beautiful acres, several of which are lakefront. There are 29 structures with a total square footage of 140,717, which include administrative buildings, classrooms, dormitories, maintenance structures, two residential fourplexes and 11 single-family residences. They are modernizing the facilities with a new internet Wi-Fi system and other modern learning tools as well as general maintenance improvements. An aggressive 5-year international marketing plan is being launched to attract a diverse mix of students. The takeout strategy is a conventional loan once they have reached increased enrollment goals. The rural location was offset by very low leverage and a long history of operations.